A Calgary-based startup is using smart technology to create simple loans.
“We approach things a little differently,” states Quantifi, an Alberta fintech. “We use predictive analytics, artificial intelligence, and other data to create personalized loans.”
The company digitally links an applicant’s bank account to instantly verify income. Next, machine learning algorithms “see things that other lenders don’t,” as Quantifi puts it.
Approval can occur “within minutes.” It’s all about enabling access to affordable credit based on “true risk.”
Moreover, the company claims applicants can structure a rate and terms that work for them and even “get incentives along the way.”
Through Quantifi Lending, the company is targeting the automotive arena primarily.
According to J.D. Power Canada’s Automotive Market Metrics, loans make up more than half of total transactions for new vehicles in Canada, while leases make up one quarter. Cash payments represent less than one quarter of new vehicle transactions in Canada.
The national bank alternative automotive lender helps dealerships sell more cars and more loans to more people. It is “proud to be the preferred lender for thousands of dealerships for thin-credit Canadians including new to country and first-time borrowers.”
The fintech’s other subsidiary, Credit App, aims to further redefine the connection between borrowers and lenders.
Credit App uses the same tech-based tools as Quantifi to “power consumer applications for online lenders, automotive dealerships, residential landlords, and everything in between.”
“Credit App has been at the forefront of transforming the traditional automotive financing process through its innovative platform,” a statement from the firm reads. “Our cutting-edge platform has modernized the traditional financing process by utilizing advanced technology to simplify and accelerate transactions for lenders, dealerships, and customers.”
Since being launched in 2016, the Credit App platform has processed $2 billion in applications, approving a total of $600 million in loans.
“From direct integrations with banks to omni-channel application flows, we operate on and optimize at every level of the stack,” the company states.
The fintech also leverages an “ecosystem of retailers, data providers, and other partners” who “play a critical role.”
Credit Apps’ most recent strategic partnership is with Axis Auto Finance, a leader in non-prime financing.
“By combining Axis Auto Finance’s expertise with Credit App’s technology, this partnership strives to make financing more accessible and transparent for all consumers,” the Calgary upstart stated this week.