Canada's online lending platform changes name and brings out its second product.
Canada-based online lending platform Grouplend has announced today that it has rebranded as Grow Financial and that it has renamed its website to poweredbygrow.com. Founded in 2014, the platform was launched as a marketplace lender and it has seen an extremely high demand for its personal loans, since inception.
However, it seems that Grouplend wants to go further. Indeed, the company rebrand anticipates its expansion beyond the personal loan industry. The new company says it will be highly technology-driven and, it will presumably reduce costs and service time for its borrowers. In the transition to Grow, the company will continue to operate its online lending platform.
Kevin Sandhu, Founder and CEO of Grow, commented:
"The name 'Grouplend' is no longer symbolic of the direction that our business is headed. Grow represents our commitment to building and nurturing technology-enabled financial services products to improve the lives of Canadians."
In addition to the rebrand, the company has also announced a new product called RateTracker. The product has been defined as “first-of-its-kind innovation” in Canadian financial services and it monitors credit metrics for borrowers on a monthly basis, sending emails with updated personalized interest rates. In other words, this product monitors users’ financial health, without affecting their credit scores. Indeed, the platform will do monthly soft inquiries into each user’s credit report and will pair this information with many other publicly available data points to determine personalized rates. The service looks to be free of charge.
"A lack of transparency in the financial services industry has resulted in consumers' inability to truly monitor their financial health. People end up overpaying because they don't always know what they should be paying. RateTracker solves this. It can be used as a way to monitor your financial health every single month or as overdraft protection on your credit card. If you ever want to pay off your credit card balance instead of incurring high interest charges, you're just a few swipes or clicks away from a loan at the rate that was quoted in your monthly update."
These critical updates follow on from a $10.2m funding round closed last August, led by Markus Frind, CEO of PlentyofFish. The money was committed for the purpose of rapid expansion and entrenchment within the Canadian market.