Borrowell's Rent Advantage is the latest example of a fintech using technology and a fresh perspective to solve a longstanding imbalance in the credit markets.
Borrowell, a marketplace lender focused on consumer loans, has been in business for approximately two years in Canada with a lot of growth in the small, developing Canadian P2P industry; Lend Academy interviews Borrowell's CEO and Co-Founder Andrew Graham in their podcast; discussion focuses primarily on Borrowell's business model and the company's announcement of the country's first marketplace lending partnership with a major bank; Borrowell has partnered with CIBC in a co-branded partnership that offers consumer loans to CIBC's customers. Source
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Canadian Imperial Bank of Commerce (CIBC) will use Borrowell's technology to offer loans to their existing clients with one click of a button; the loans can be up to $35,000, involve a streamlined online application and will be funded within 24 hours; they will only be offered to a select group of CIBC clients to start; David Williamson, Group Head of Retail and Business Banking, CIBC, says, "Our partnership with Borrowell is based on our shared view that the process for borrowing money for personal banking clients could be improved in the digital age, while retaining all of the prudent risk management criteria you would expect from a major bank." Source