Indo-Canadian entrepreneur Sukhbir Dhaliwal's Peel Financial will secure C$400 million in a fresh round of funding by the end of 2022.
The Brampton-based equipment financing source, which provides loans and leasing options for a wide range of transportation, construction, industrial and commercial equipment, had raised C$250 million last year.
"We have been raising funds through various rounds from many investors who see value in what we are doing and are willing to take our brand's services and value to newer geographies beyond Canada and the US, with a common aim to help businesses thrive through streamlined, hassle-free financing options," Dhaliwal, CEO of Peel Financial, said.
The funds will be used in expanding its outreach to clients with more customized services and onboarding more lenders from across Canada and the US, a company release stated.
Dhaliwal, also called Sukh by his clients, founded the company in 2007.
The firm says that it clocked business over C$1 billion even during the Covid-19 pandemic.
Dhaliwal, who is originally from India, immigrated to Canada in his early 20s.
Having graduated from Marathwada University in Maharashtra with a Bachelors in Engineering, Dhaliwal soon realised that his calling was in the finance sector.
"Belonging to India, about 15 years ago, the jobs market was not as organised which landed me in various odd jobs that I didn't connect with. I hence moved abroad and started working as a Car Sales executive in Canada," he said.
With a team of 70-plus employees, Peel Financial now has three offices across Canada, namely in Manitoba, British Columbia, and Brampton.