Canadian lender QuadFi has signed an agreement with Crayhill Capital Management for a new financing facility worth $100 million (CAD 127 million).
QuadFi Secures New Funding Facility Worth $100M
The company will use the new facility to continue providing personal loans to people with limited credit histories, such as young people and immigrants.
QuadFi says it identifies opportunities to tackle financial exclusion by focusing on the intersection of global migration, financial data and personal data.
The neolender provides access to affordable financial products through a data-driven underwriting model that leverages machine learning modeling.
It takes into account future income and career trajectory, which is useful for those with thin credit histories. Immigrants can also leverage their home country’s financial history to access QuadFi’s financial services.
QuadFi CEO and co-founder Manny Nikjoo says partnering with Crayhill will enable him to fulfill his mission to drive financial inclusion in Canada.
Nikjoo says, “Canada welcomes 400,000 new immigrants every year – and they deserve access to fair and affordable financial products.
“Our model integrates credit data from their home countries, alternative data, and open banking to deliver accurate underwriting and financial inclusion today.”
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