QuadFi today unveiled a “breakthrough” in its product offering. The Toronto-based financial technology firm says its new model provides a credit solution to millions of immigrants, across North America and beyond.
Traditionally, information on financial histories have been limited within countries, with FICO scores as the industry standard to assess one’s credit risk rating. Now it is using artificial intelligence to predict an applicant’s future potential rather than their past history.
“The customers we serve are young, ambitious, and well-educated; they immigrate from their home countries to build better lives and explore their full potential in a new one,” explains Dr. Manny Nikjoo, CEO of QuadFi. “Here in Canada, we welcome 400,000 new immigrants every year who deserve access to financial products from day one.”
With one of the highest per-capita immigration rates in the world, QuadFi’s new AI model opens the door to lower rates and more financial opportunities.
“This is even more important given today’s environment where we’re seeing reduced credit access and soaring borrowing costs,” noted Nikjoo. “This positive impact drives our business model, our technology, and our mission.”
QuadFi also announced details of their growth trajectory today, with an increase of over 500% in its credit portfolio month-over-month. This exceptional growth is driven by QuadFi’s ability to provide loans to prime and super-prime customers identified through “advanced modelling and alternative data,” including academic achievements, income levels and open banking information.
The company wants QuadFi’s service offering to feel truly borderless.
“As a Certified B Corporation, we are committed to leveraging our engineering and technical expertise to provide a positive social impact,” said Nikjoo. “We’re building a broader foundation to support a full range of financial products designed by immigrants, for immigrants.”
In April, the Toronto fintech raised a large round of capital to fuel growth.