Canadian Imperial Bank of Commerce (CIBC) will use Borrowell's technology to offer loans to their existing clients with one click of a button; the loans can be up to $35,000, involve a streamlined online application and will be funded within 24 hours; they will only be offered to a select group of CIBC clients to start; David Williamson, Group Head of Retail and Business Banking, CIBC, says, "Our partnership with Borrowell is based on our shared view that the process for borrowing money for personal banking clients could be improved in the digital age, while retaining all of the prudent risk management criteria you would expect from a major bank." Source
Canadian robo advisor WealthBar now manages over CAD$100 million (USD$75.93 million) in assets under management; the firm was launched in 2014; it currently offers online onboarding, investment management, financial planning and an individual advisor; its services have also expanded to private investment portfolios and registered retirement savings plans. 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
OnDeck has been one of the leaders in online small business lending for many years. What many people may not...
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
Canadian securities regulators released what they call a staff notice on "cryptocurrency offerings"; Coindesk reports on the notice, "With the offerings that we have reviewed to date, we have in many instances found that the coins/tokens in question constitute securities for the purposes of securities laws, including because they are investment contracts."; this has now become a trend in the market as the US SEC released a report and Chinese regulators released a statement about how they view this emerging capital raising method; the statement also covers companies looking to set up funds and encourages a regulatory sandbox to be created. Source
TransUnion’s innovation lab is entering its third year and is now planning to expand in Canada and India; participants get...
Canada reported significant growth in online and marketplace lending in 2016; fintech growth in the country was also substantial with Canada reporting a 74% increase in fintech investment; a blog post from Aspire gives a roundup of online and marketplace lending activity in 2016 which included many partnerships and equity rounds; also provides predictions for the market in 2017; among its seven predictions are more bank partnerships and increased institutional investment. Source
Investment in Canadian fintech increased in 2016 while slowing in the US and UK; data from Thomson Reuters says investment in Canadian fintech reached $197.41 million, an increase of 74% from 2015; in comparison, fintech investment in the US was down 30% and fintech investment in the UK was down approximately 25%; the Canadian market is much smaller than the US and UK however its infrastructure and ecosystem are growing; political changes were also less of a factor for Canada in 2016 while the US election and UK Brexit vote created uncertainty for investors. Source
This is part 1 of a 2 part series on the Canadian marketplace lenders. In this series, you’ll learn about...