American investment bank Goldman Sachs has acquired a majority stake in Canadian alternative lender Financeit for an undisclosed sum.

Upon completion of second round of investment, Goldman Sachs became majority owner of Financeit.

Toronto-based Financeit mainly helps small- and medium-sized business offers point-of-sale loans to customers.

Financeit will use the fund to snap up Centah, a US-based provider of cloud-based software assistance and call centre support in the home improvement industry.

Takeover of Centah will enable Financeit to provide a number of services to the home improvement sector including both loans and lead generation.

Since starting in 2011, Financeit has worked with more than 7000 merchant partners, and processed over $1.9bn in loan applications.

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