Approva is a mortgage-focused startup that recently graduated from the fourth cohort of the Innovate Financial Health Lab, the flagship incubator that Canadian non-profit Fintech Cadence launched in 2020.
On a mission to change the mortgage status quo since 2021, Approva is a digital platform that streamlines the entire mortgage process through online tech.
“Our team of former Bankers, Mortgage Underwriters, Mortgage Brokers, Loan Officers love finding mortgage solutions for clients,” the company says on its website, adding that “The mortgage process should inform you, not confuse you.”
The Canadian fintech helps users secure a mortgage through a phone-based process that promises mortgage approval (and top rates) within minutes, rather than days.
“With our digital approach, we make sure you can learn, shop, communicate, and complete your process with just your phone, wherever you are, 24/7,” Approva says.
The platform currently works with more than 50 banks, credit unions, and alternative lenders to help consumers find the best option for them.
Toronto-based Approva says it keeps its own costs lower than traditional mortgage brokers “so we can pass on the savings to you.”
Canadians have an opportunity to meet the founders of Approva and the rest of the IHF cohort on November 30th at the annual Demo Day in downtown Toronto.
At the event, startups will showcase their companies and network with industry, investors, and leaders across the tech and financial services spaces.
Past cohorts have included startups such as Calgary’s ZayZoon, Toronto-based PolicyMe, and Calgary’s Woveo.
Other Canadian fintechs innovating the mortgage space include Bloom, 8Twelve, and Perch.
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