Rise of Fintech Lending in Canada

Fintech Lending is on the rise in Canada. In this video we have a few of the industry experts explain what’s been happening in the Canadian financing sector. Specifically we discuss how alternative financing options have emerged, that made it easier and faster for business owners to obtain funding for their business.

Quotes from the video, in order of appearance:

Paul Pitcher, SharpShooter Funding:

As far as being in the Canadian market, about four years in it’s very similar to the United States market where small business owners coast-to-coast they do need financing help they just don’t know where to turn.

Christophe Choquart, IOU Financial:

I think our industry, small business lending online is really about convenience and efficiency for borrowers who don’t have much time looking for a loan. Well with us we’ll take about 24 hours to 48 hours.

Vlad Sherbatov, Smarter Loans:

The Canadian consumer is hungry for more options. They’re looking for new, innovative solutions that can help them with their business financing as well as on the personal side, so to me it’s not surprising that now that there are so many more companies out there offering such innovative products that the Canadian market is gravitating towards it and it’s on the rise here.

Sean Murray, deBanked: 

It’s been around for more than 10 years but believe it or not it’s early days. Ten years ago FinTech was still fax machines and so we think now is like the future and everything has been done but it’s really just a beginning.

Christophe Choquart, IOU Financial:

I think it’s a market that’s in its infancy compared to the U.S.. It’s getting more structure more lenders are opening shop and the consumers through different platforms like Smarter Loans for example are helped get a better understanding of the options available to small business owners in terms of funding.

Paul Pitcher, SharpShooter Funding:

It’s something different. When you walk into a bank you’re obviously dealing with a person you’re dealing with documents that need to be hand signed and notarized but when business owners work with us it’s all over the phone and via email.

Rafael Rositsan, Smarter Loans:

Canadians are really warming up to the idea of alternative lending. What we are trying to do is raise awareness about some of the great companies and some of the innovative products that are available to them through our platform Smarter Loans.

Paul Pitcher, SharpShooter Funding:

As far as the entire market, it is growing day by day week by week. it’s not as fast paced as it is in the States just to do the population but overall, helping business owners day to day and I can only see the market getting obviously clearer but with technology on the rise there’s gonna be some really cool things happening that allow business owners either in the morning before they go to work or late at night apply for financing and receive the funding they need.

Sean Murray, deBanked: 

There are a lot of similarities between here and the United States the growth has been very similar but at the same time there’s a lot of untapped potential in Canada and I think that there are marketing tactics and strategy that can be applied here to really unlock a ton more growth than has already been done.

Smarter Loans

Smarter Loans is Canada's online loan directory for any type of financing. The website helps Canadians find reputable lenders & financial companies all over Canada and compare their products, rates, and terms in one place.