Point-of-sale lender Financeit started off in 2011 by serving a market of small and mid-size business owners that the big banks wouldn't touch in the wake of the financial crisis. Now, Financeit has partnered with Concentra and closed its first acquisition from one of those very same banks, buying TD Bank Group's indirect home-improvement-financing assets for $339-million.
In an environment where agile fintechs are increasingly partnering with financial institutions, collaboration was key. Peter Epp of Financeit, Jason Magid of Concentra and Gus Karantzoulis, a Borden Ladner Gervais partner with extensive experience in lending, gave Lexpert a look at how the deal went down in very short order.
Lexpert associate editor Gena Smith reports at www.lexpert.ca.
Follow Lexpert on Twitter: @Lexpert