Earlier this year, 8Twelve Financial Technologies entered into an agreement with Dwello Payments, a fellow Toronto fintech platform that helps renters and others build credit.
Dwello users sign up to pay rent through Dwello’s platform. Their payments get reported to Equifax. Over time, on-time payments help build credit scores, unlocking favourable offers on credit products such as mortgages.
By integrating into 8Twelve’s proprietary INFIN8 platform, Dwello customers are notified when they qualify for a mortgage. INFIN8 “utilizes real-time analytics, AI, and workflow automation to identify the best possible mortgage from Canada’s largest marketplace of bank, alternative, and private mortgage products,” according to the Canadian fintech. The cloud platform pulls from 7,000 mortgage products across several dozen lenders.
Building on the Dwello partnership is a new collaboration with shared equity program innovator Lotly, whose model enables potential homeowners to buy a home with 5% down by investing alongside the buyer to reach a 20% down payment mark.
Given the current economic climate and challenges of the housing market, “potential homeowners need to be aware of all their financing options,” according to Martyna Gatkiewicz, chief executive of Lotly. “This partnership underscores the strength of our shared equity program and 8Twelve’s technology in enabling us to deliver the best financing solutions to our clients.”
Lotly offers a portion of the home’s purchase price in exchange for a share of the home’s future value. This reduces the upfront costs for home buyers, making homeownership more accessible.
“Lotly’s commitment to making homeownership more accessible aligns perfectly with our mission at 8Twelve,” stated Gary Fooks, the CEO of 8Twelve. “Our technology, combined with Lotly’s shared equity program, will provide a unique solution to the financial challenges of home buying.”
“This partnership ensures that we can help more people realize their dream of homeownership,” the entrepreneur added.
8Twelve was founded in the Great Lakes region of Ontario in 2018.
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