Wealthsimple is a Canadian firm backed by Montreal-based Power Financial and they are looking to launch their robo advisory solution to US clients soon; in accordance with US securities law, Wealthsimple received approval to operate as an investment advisor by the SEC in October 2016; there is no account minimums for their product and the first $10,000 invested will be fee free, anything above $10,000 will be subject to a management fee of 0.5%. Source
OnDeck has been one of the leaders in online small business lending for many years. What many people may not...
Under the pilot project in partnership with Lending Loop the Ontario government will be providing $3 million in loans to...
TransUnion’s innovation lab is entering its third year and is now planning to expand in Canada and India; participants get...
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
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
This is part 2 of our 2 part series on the Canadian marketplace lenders. Be sure to read part 1, which...
Borrowell, a marketplace lender focused on consumer loans, has been in business for approximately two years in Canada with a lot of growth in the small, developing Canadian P2P industry; Lend Academy interviews Borrowell's CEO and Co-Founder Andrew Graham in their podcast; discussion focuses primarily on Borrowell's business model and the company's announcement of the country's first marketplace lending partnership with a major bank; Borrowell has partnered with CIBC in a co-branded partnership that offers consumer loans to CIBC's customers. 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
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