A Vancouver financial technology startup launched publicly in September is entering the new year with early momentum.
Billi Labs was created in 2022 by a “team of financial experts, designers, and developers across Canada,” including chief executive Ty Sinclair and operating officer Dan Barton, who is based out of Victoria.
Through innovation and automation, “we want to transform the relationship people have with their money,” the BC founders say.
The digital platform launched by Bill Labs aims for Canadians to be “mindful” with their money. Users link financial cards and accounts to the encrypted app to gain an understanding of their transactions and manage their finances from a single interface.
“The OpenFinance infrastructure is still in its infancy stage in Canada but thanks to some great partners, Billi can deliver an experience that thousands of people use daily to keep tabs on their finances,” CEO Sinclair stated on LinkedIn recently.
Billi Labs’ partnerships are key in order to deliver a wide feature set in one app, he says. The startup works with Montreal’s Flinks, for example, as well as Open Finance Network Canada, Plaid, and more.
The company’s first service already has more than 1,000 paying users, according to Sinclair.
Billi Labs aims to “effectively serve our members by helping them to understand where their money is, and where it’s likely to go, all while simultaneously building their credit using existing household bills, like their rent payment,” explains Sinclair.
Currently in Canada 99% of rent payments are not reported to the credit bureaus, according to the startup.
“We thought about this and began to ask ourselves, ‘What if those rent payments could be used as a way to boost your credit rating?,” the founders pondered. “Monthly rent payments are one of the largest expenses we have, so why not get ‘credit’ for paying it?”
Billi Boost, for $5 per month, enables this option for renters.
“This is yet another tool in Billi’s kit to help realize our vision of bringing financial wellness to all Canadians,” the company says.
Sinclair expands on this in a recent statement, emphasizing that “Billi is passionate about bridging the financial inclusion gap by offering accessible financial insights to all Canadians.”
He notes how, as we come out of a global pandemic, “many are facing serious financial shocks.”
“It is now more important than ever to provide them with hope, support, and tangible opportunities to become more financially stable,” Sinclair says, something he believes his startup can do.