Development of cutting-edge technology helps QuadFi see month-over-month growth of more than 500 percent in credit portfolio
TORONTO, ON–Toronto-based fintech company QuadFi, announces a breakthrough in its product offering: a new way to drive financial inclusion for all newcomers.
With the development of cutting-edge AI models, QuadFi is empowering newcomers with access to products based on their future potential, not their past. The company’s new model provides a credit solution to millions of immigrants, across North America and beyond – one that’s borderless and doesn’t rely on FICO scores.
Traditionally, information on financial histories have been limited within countries, and FICO scores were the industry standard to assess one’s credit risk rating. With this new offering, any newcomer to North America can apply for a personal loan and be approved within minutes, regardless of a FICO score or financial history. This new development is a key step towards QuadFi’s goal: to be the first global financial institution serving immigrants, no matter where they came from, or when they arrived in their new country.
Dr. Manny Nikjoo, Co-Founder and CEO of QuadFi (left), said, “The customers we serve are young, ambitious, and well-educated – they immigrate from their home countries to build better lives and explore their full potential in a new one. Here in Canada, we welcome 400,000 new immigrants every year who deserve access to financial products from day one. This is even more important given today’s environment where we’re seeing reduced credit access and soaring borrowing costs. For the newcomers we serve, QuadFi’s new AI model opens the door to lower rates and more financial opportunities. This positive impact drives our business model, our technology, and our mission.”
QuadFi is also announcing details of their growth trajectory today, with an increase of over 500 percent in its credit portfolio month-over-month. This exceptional growth is driven by QuadFi’s ability to provide loans to prime and super-prime customers identified through advanced modeling and alternative data, including academic achievements, income levels and open banking information.
The company uses a proprietary process to convert and integrate credit information from overseas to North American standards. QuadFi is already serving newcomers by helping them bring their existing credit history to North America; this includes those from countries such as Mexico, Nigeria, and The Philippines with plans to expand this list in months to come. The company is eliminating borders by using technology to convert and apply credit information, making QuadFi’s service offering truly borderless.
Dr. Nikjoo added, “As a Certified B Corporation, we are committed to leveraging our engineering and technical expertise to provide a positive social impact. Our company focuses on financial inclusion because its benefits are widespread, and obvious. From a product perspective, we started with credit because that’s what many newcomers really need. However, we’re building a broader foundation to support a full range of financial products designed by immigrants, for immigrants. From a global perspective, the challenges we’re facing – from international conflicts to climate change – can only be addressed through human ingenuity.
“Our contribution at QuadFi is to use data science to support the free flow of people, talent, and ideas to thrive across borders.”
QuadFi provides immigrants and young people with access to affordable financial products. The company leverages data science to challenge outdated, biased, inaccurate underwriting, combining alternative data from domestic and international sources with proprietary AI/ML modeling.