Canadian neolender QuadFi lands $100m financing facility

Canadian neolender QuadFi has signed an agreement with Crayhill Capital Management for a new financing facility worth $100 million (CAD 127 million).

QuadFi secures new financing facility worth $100m

The firm will use the new facility to continue to provide personal loans to people with limited credit history such as young people and immigrants.

QuadFi says it identifies opportunities to address 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 modelling.

It considers future income and career trajectory, which is useful for those with thin credit history. Immigrants can also leverage their home country financial history to gain access to QuadFi’s financial services.

QuadFi CEO and co-founder Manny Nikjoo says the partnership with Crayhill will allow it to deliver on its mission of fostering 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 incorporates credit data from their home countries, alternative data and open banking to provide accurate underwriting and deliver financial inclusion today.”