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Goldman Sachs takes majority stake in alternative lender Financeit

Last Updated Dec 14, 2017 at 1:00 pm EDT

In this Oct. 16, 2014, file photo, a screen at a trading post on the floor of the New York Stock Exchange is juxtaposed with the Goldman Sachs booth. THE CANADIAN PRESS/AP-Richard Drew

TORONTO – Alternative lender Financeit says Goldman Sachs has taken a majority stake in the company though a second round of investment.

Toronto-based Financeit, which primarily helps small- and medium-sized business provide point-of-sale loans to customers, did not disclose the dollar value of the deal.

The company says the investment allows it to buy U.S.-based Centah Inc., which provides cloud-based software assistance and call centre support in the home improvement industry.

Financeit says the acquisition will allow it to provide a range of services to the home improvement sector including both loans and lead generation.

Since launching in 2011, Financeit says it has worked with over 7000 merchant partners, and processed over US$1.9 billion in loan applications.

It says Centah, founded in 2004, manages $2.5 billion in sales a year and works with major home improvement retailers and manufacturers.