Financeit announces executive leadership succession to continue driving forward its growth
CEO and Co‐Founder Michael Garrity will be leading Financeit's Board of Directors as Executive Chair; Co‐Founder and President Casper Wong will succeed Michael as CEO and Jerome Peeters will transition to COO
TORONTO, Nov. 28, 2023 /CNW/ - Financeit Canada Inc. ("Financeit"), Canada's leading Point of Sale Lending Platform, today announced its executive team's succession plan, which will go into effect on January 1, 2024. Casper Wong, Co-Founder and President, will succeed Michael Garrity as CEO, and Jerome Peeters, former COO of the Simply Group, acquired by Financeit earlier this year will take over the role as COO. Michael Garrity will remain with the company by leading the Board of Directors as Executive Chair, effective upon the appointment in the new year.
"Casper is the ideal individual to steer Financeit toward its upcoming phase of expansion and profitability," says Michael Garrity. "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. Having worked side-by-side with Casper since the inception of Financeit in 2011, I am delighted to be transitioning the CEO role to him."
Since co-founding the company in 2011, Wong has held instrumental leadership roles and has made pivotal contributions to the company's expansion. From spearheading sales, marketing, and business development in its early years, his role has expanded to take on broader responsibilities, overseeing operations, risk, and critical initiatives. In the last three years, Wong's leadership has driven Financeit to achieve record levels of profitability and growth.
Incoming COO, Jerome Peeters is a highly respected veteran in the Canadian financial services industry, having held roles as the Chief Operating Officer at the Simply Group of Companies and at Flexiti Financial. Previous to these roles, Peeters held the position of Vice President of Operations at Laurentian Bank and assumed senior executive roles at both Sears and PC Financial. Also, Peeters has been leading the integration team, directing efforts to seamlessly bring the two businesses together to ensure successful operations, since the acquisition in June 2023.
"Michael has been our leader at Financeit since its start-up phase to a successful sale, and I am grateful for his mentorship and friendship as we scaled the company into the industry leader it is today," says Casper Wong. "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. I also look forward to entering this next chapter alongside Jerome Peeters; his ascension into the role of COO of the combined businesses speaks to the importance of bringing together the best of both these teams into a single mission-driven business for the next stage of our growth."
With Wong's transition to CEO of Financeit, current CEO Michael Garrity will be taking on the role of Executive Chair within the Board of Directors. From co-founding the company to now, Garrity has led the team through many great successes and scaled it from a start-up to Canada's leading POS financing provided in the home improvement, recreational vehicle, and retail sectors.
"The Board couldn't be more pleased to announce these new positions at Financeit," says 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."
As CEO, Wong's priority will be continuing to lead the team at Financeit into its next stage of growth and innovation within the Canadian home improvement financing industry.
Financeit Canada Inc. is a point-of-sale financing provider that serves home improvement, recreational vehicle, and retail industries. The company provides payment plans to enterprise businesses, big box retailers, OEMs, and dealer networks for their projects and purchases, as well as offers solutions for consumers. Its cloud-based technology enables merchants to increase close rates and transaction sizes with monthly or bi-weekly payment plans. Financeit's platform features a transparent loan application process and has serviced merchant partners across Canada. Financeit was founded in 2011, is based in Toronto, Canada, and operates as a subsidiary of CommunityLend Holdings Inc.
InterVest Capital Partners is a leading global alternative investment firm specializing in asset-based lending, leasing, specialty rental, and other structured finance verticals. Since 1999, the team has established investment vehicles with aggregate committed capital exceeding $17 billion
SOURCE Financeit
Allie Martin, [email protected], 905-749-0228
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