Vancouver’s Grouplend announced this week that it is rebranding itself as Grow Financial.
Since launching in 2014, the company’s model has evolved from peer-to-peer lending to a much more robust financial platform, using cutting-edge software and advanced data analytics to create revolutionary financial services that extend far beyond loans.
According to this week’s announcement Grouplend has seen an unprecedented demand for its personal loans, having served thousands of Canadians since its launch.
As it transitions to Grow, the company will continue to operate its online lending platform as the anchor product of its offering. Grow’s technology-driven approach strips away much of the expensive overhead of traditional banking, significantly reducing cost and service time for its borrowers.
“The name ‘Grouplend’ is no longer symbolic of the direction that our business is headed,” said Kevin Sandhu, Founder and CEO of Grow. “Grow represents our commitment to building and nurturing technology-enabled financial services products to improve the lives of Canadians.”
In addition to the name change, the company also announced RateTracker, a new product evidencing first-of-its-kind innovation in financial services in Canada. The technology monitors an individual’s credit metrics on a monthly basis and sends an email or a text with an updated personalized interest rate. It’s completely free to subscribe to and it does not affect the individual’s credit score at any point.
“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,” said Sandhu.
“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.”
In addition to serving Canadians directly, the name change paves the way for Grow to deploy its technology in partnership with many of Canada’s leading financial institutions as the company achieves its vision of reinventing banking, using cutting-edge technology and advanced data analytics to improve the financial well being of Canadians.