Expanding Financeit to Shuffle Executive Team Following Acquisition

A Canadian point-of-sale lending platform this week unveiled a succession plan for its executive team going into 2024.

Founded in 2011 in Toronto, Financeit was acquired in 2022 before buying the Simply Group, which operates Simply Group Financial and SNAP Home Finance, earlier this year.

In January, Financeit cofounder Casper Wong will succeed Michael Garrity as chief executive officer of the fintech.

At the same time, Jerome Peeters, former chief operations officer of the Simply Group, will become COO of Financeit.

Moving forward, Garrity—also a cofounder—will lead Financeit’s Board of Directors as Executive Chair.

Having worked side-by-side with Casper since the inception of Financeit in 2011, the current CEO believes the incoming chief is “the ideal individual to steer Financeit toward its upcoming phase of expansion and profitability.”

“His unparalleled understanding and history with Financeit, including our extensive merchant and retailer network, his familiarity and relationship with each lending partner—as well as having the right mix of operational experience and a growth-oriented mindset—make him the optimal leader,” Garrity stated.

“The Board couldn’t be more pleased to announce these new positions at Financeit,” added Michael Gontar, Board Director and CEO at Intervest Capital Partners.

“After a thoughtful succession planning process, the Board is confident that Casper is the right leader for the combined business at this time who will continue to propel Financeit forward, supported in this goal by Jerome in his new role,” the Director continued.

“I am honoured to accept the responsibility of CEO to continue driving merchant sales in multiple industries, and for the opportunity to lead Financeit and our employees as we continue to deliver on our mission to help the industry thrive,” stated Wong.

The Simply Group Loan Business team has facilitated $3 billion in home improvement loans for 500,000 Canadians.

The merger added Simply’s team of over 180 professionals to Financeit, who has been expanding through acquisitions for several years now.

“Part of our growth plan is to consolidate the industry,” Garrity informed Reuters in 2016—shortly after his firm snagged home improvement financing assets from Toronto Dominion Bank, which spurred a surge in business growth.

In 2023, the fintech’s trajectory remains locked on target.