30 Oct 2018
Five Providers of Canadian FinTech-Enabled Lending Solutions Named as IDC Innovators
TORONTO, ON., October 30, 2018 — International Data Corporation (IDC) Canada today published an IDC Innovators report identifying five key emerging technology vendors in the Canadian FinTech enabled lending solutions market with revenue under C$100 million. The five companies named as IDC Innovators are Borrowell, Financeit, Flexiti Financial, Merchant Advanced Capital and Sqirl.
FinTech lenders in Canada are focusing on smaller consumer and business loans that major banks cannot handle profitably today with their current processes. "FinTech lenders will need to be vigilant as major banks have the ability to quickly introduce electronic loan application processes when they find ways to make it profitable," says Robert Smythe, research associate, Financial Insights.
- Borrowell provides free credit monitoring, low-interest personal loans and personalized product recommendations using an online application.
- Financeit provides consumer financing at the point of sale for merchants using mobile devices to rapidly provide loan repayment quotes that customers received by email or text message.
- Flexiti Financial is a major private label credit card issuer that uses mobile application process and patented ID scanning technology to enable its merchant clients to provide customers with quick, simple and instant point of sale (POS) financing without paperwork and scanning.
- Merchant Advanced Capital specializes in no-collateral small business loans and lines of credit with flexible payback options.
- Sqirl offers two products that directly resolve issues faced by the financial services industry in verifying client identity and financial information.
The report, IDC Innovators: Canadian FinTech - Enabled Lending Solutions, 2018 (IDC# CA43806118) profiles five Canadian Fintech Enabled Lending Solution providers. Lending processes in Canada are undergoing transformation from processes used by major banks to more cost-effective and faster processes offered by a growing number of fintech based service providers utilizing online and mobile devices to receive and manage loan applications.
About IDC Innovators
IDC Innovators reports present a set of vendors – under $100M in revenue at time of selection -- chosen by an IDC analyst within a specific market that offer an innovative new technology, a groundbreaking approach to an existing issue, and/or an interesting new business model. It is not an exhaustive evaluation of all companies in a segment or a comparative ranking of the companies. Vendors in the process of being acquired by a larger company may be included in the report provided the acquisition is not finalized at the time of publication of the report. Vendors funded by venture capital firms may also be included in the report even if the venture capital firm has a financial stake in the vendor’s company. IDC INNOVATOR and IDC INNOVATORS are trademarks of International Data Group, Inc.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world's leading media, data and marketing services company that activates and engages the most influential technology buyers. To learn more about IDC, please visit www.idc.com or follow on Twitter at @IDC and LinkedIn. To learn more about IDC Canada, please visit www.idc.com/ca or follow on Twitter at @ idccanada and LinkedIn.