Toronto’s SAVVYY has raised a $5.7 million funding round from several prominent investors in the Canadian financial services industry.
SAVVYY’s team is building digital infrastructure for the lending industry, using data and design to modernize loan processing. Their modern, cloud-based software solutions turn lenders into fintechs, allowing them to transform a patchwork of legacy systems and manual processes into an efficient, flexible and automated process that delivers a vastly improved client experience.
The funding will help SAVVYY accelerate its efforts to modernize antiquated lending infrastructure by introducing a cloud-based AI-powered platform for Canadian banks and lenders. The next generation underwriting platform will allow lenders to transform manual, outdated systems into an automated and streamlined process, resulting in a significantly improved client experience.
“We’re on a mission to transform banks into fintechs, and today’s funding announcement brings us one step closer to bringing our AI-ready Canadian mortgage underwriting platform to all Canadian lenders,” said Salim Naran, Co-founder, SAVVYY.
“Our team of technology and financial services leaders, along with our prominent list of investors, clients and partners, makes us well-positioned to transform the lending industry in Canada—an industry that is long overdue for a technology-based transformation.”
The SAVVYY team is working with three Canadian Schedule I banks, including Concentra Bank, a well-respected Canadian bank known for collaborating with fintechs. Concentra implemented the SAVVYY platform to power its re-entry into the residential mortgage lending space. Since adopting the cloud-based mortgage platform, the bank has opened up new possibilities in areas like products, channels and processes.
Investors in this round included Joe Canavan from Canavan Capital, CEO of LOGiQ (previously CEO of NEXT Canada); Michael Zych, Scotiabank’s former global head of fixed income; Kevin Walton, founding team of Real Matters; and Michael Vanderkaden, fintech investor and former executive with Filogix and Equifax.