Fintech leader Casper Wong (HBA ’06 Innis) finds a different path in business and giving back
I am the CEO and co-founder of Financeit, the market leader for point-of-sale financing in Canada’s home improvement space. Since 2011, we have grown to 500 employees and over $1.6B a year in loan originations. I’m also the founder of United Nation of Cyclists, a racing cycling team that promotes diversity and inclusion. I am passionate about entrepreneurship, cycling, surfing, fitness, travel, health, gaming, and technology. I believe the next wave of innovation should be focused on sustainability and mitigating our environmental impact.
In 2011, you co-founded Financeit, an award-winning fintech that provides businesses like Home Depot with easy point-of-sale financing for its home renovation customers. What was your goal in creating the company, and how did Financeit disrupt the industry?
Our goal was very simple at the time, to build a billion-dollar business leveraging technology to create disruption in consumer lending. All the pieces were there; we just had to put them together. What makes Financeit unique is that we built a platform that services lenders, merchants, and consumers in a seamless ecosystem that is easily scalable. From day one, we decided to build the entire platform in-house, which, at the time, was a more expensive decision. However, this has allowed us to enter multiple vertical markets, such as vehicle, home improvement, and big-box retail. In addition, we invested heavily in automation and AI to streamline our back end, and enhance our credit-decisioning strategy.
You are also founder of Toronto’s United Nation of Cyclists, a competitive racing team that promotes diversity and inclusivity in cycling, inspiring and supporting athletes from all backgrounds to compete. What prompted you to create this initiative?
Due to the high cost of entry, I entered cycling at a later age and immediately noticed the lack of diversity and sense of elitism in the sport. Luckily, I was able to meet a group of like-minded athletes who inspired me to start a team that fit our ethos and culture. We wanted to build something different that focused on performance, but would also have a positive impact on the community. Three years after launching, we have achieved incredible success with three racing programs, including a men’s and women’s development team that focuses on racing in Ontario, and an elite-level team that concentrates on racing across North America. In addition, we partnered with the Grow, Lead, Excel (GLE) Movement, a not-for-profit organization based in Malton that helps get more kids on bicycles. Since launching, we have helped to raise over $30,000, and support the donation of 500 bikes for this program.
(Photo of Casper Wong by Shayla Anderson)
This story originally appeared in the 2022/23 Innis Alumni & Friends magazine.