The marketplace lending platform has facilitated over $7 million dollars in financing to small businesses in Canada; it currently has over 9,500 investors; Auto-Lend will allow investors to automate investing on the platform through pre-set or customized strategies. Source
Flexiti Financial has announced Diane Brisebois and Rick Padulo as the first two members of its advisory board; Diane Brisebois is president and CEO of the Retail Council of Canada; Rick Padulo is Chairman and CEO of Padulo Integrated, which provides multi-media retail communications services; Flexiti Financial is a growing provider of point-of-sale financing technology for retailers and recently received the Emerging Consumer Lending Platform award at LendIt USA 2017; its new board advisors will seek to support the firm's growth and advise the firm on its strategy for business development and retail expansion. Source
NewOak will invest up to $2 billion in loans originated by Canadian online lender LendingArch over the next three years; NewOak will also make a significant contribution to the strategy of the firm; the New York-based asset management and institutional advisory firm will take an advisory role with LendingArch supporting its business development and capital markets strategies. Source
Moven has agreed to extend its exclusivity rights with TD Bank in Canada for another five years and broaden the agreement to the US; the exclusivity rights in the US are likely to result in a US launch of the partnership's money management tool, the MySpend app, which allows users to track spending and receive notifications; expansion of the white label app from Brett King's Moven is expected to add significant value for the fintech firm. Source
Canadian online lender LendingArch is building out its financing capabilities with the launch of a new solution for medical expenses; the company seeks to provide financing solutions for debt consolidation, home improvement and other areas of personal growth; the medical expenses product will broaden the firm's scope and help support consumers in managing out of pocket medical expenses; customers can access the loan solution individually or at a clinic location; the platform's loans allow for immediate payment to clinics and offer financing terms ranging from 12 months to three years. Source
Leading Canadian point-of-sale (POS) platform Flexiti Financial raised an oversubscribed CAD$6.25 million (USD$5 million) convertible debt offering; they will use the capital to accelerate growth and improve technology; according to Flexiti Financial Founder and CEO Peter Kalen: "Retailers across Canada are looking for unique solutions to increase sales and maintain customer loyalty in a highly competitive and shifting market. Flexiti Financial's POS lending platform has become an important tool in their sales arsenal, and this investment will help us better serve our retail partners while managing our growth across Canada." Source
Aspire Financial Technologies has announced a new asset-level disclosure data and analytics module; the module is targeted for securitization professionals; it provides free access to market participants seeking to analyze loan-level characteristics and performance data of US public securitizations; data is from SEC Edgar filings and is provided as a result of Reg AB II from the Dodd Frank Wall Street Reform and Consumer Protection Act which requires certain public securitization issuers to post monthly asset level disclosures on public securitization trusts. Source
Panel explores a diverse set of small business lenders based in Canada; topics covered include the differences of regulation, underwriting, and views on traditional banks between Canada and the rest of the world; Canada has five large banks which control a majority of the market which makes it hard to build a brand as an alternative lender; panelists answer how they can overcome this challenge and scale their business; they also share their thoughts on the current market opportunity and what the future holds for fintech companies in Canada. Source
A husband and wife from Sri Lanka were arrested in Canada for fraud and money laundering; the couple reportedly used fraudulent checks and synthetic identities for fraudulent charges and purchases; both are charged with fraud of CAD5,000 ($3,729) and possession of proceeds obtained of over CAD5,000 ($3,729); the fraudulent charges are an example of the emergence of sophisticated synthetic identities that are more difficult to be detected by fraud prevention systems. Source
Bank of Nova Scotia, Canada's third largest bank, also known as Scotiabank, has announced a $1 billion investment in digital technology over the next three years; the initiative will focus on bringing more digital technology solutions to clients who are making fewer transactions in branches; 45% of the firm's investment will be focused on foreign markets including Mexico, Peru, Colombia and Chile; it will also be investing in new facilities for blockchain and artificial intelligence development; the firm expects the investment to help reduce costs and improve future profitability. Source