Financial technology firm Financeit and Concentra, which provides wholesale finance and trust services to credit unions, have signed a deal to buy TD Bank's indirect home improvement financing business. Financeit and Concentra said the assets have a book value of $339 million. Under the agreement, Concentra acquired 45,000 TD loans and more than 800 merchant dealers have been assigned to Financeit, which runs a cloud-based, point-of-sale financing system. Financeit helps businesses offer financing options to their customers. "This exciting transaction strengthens our leading position in the home improvement financing space and our commitment to being a catalyst for the growth and success of this important community in Canada," Garrity said in a statement Thursday.

Source: CBC News September 15, 2016 14:15 UTC