Canada’s growing fintech space saw leading online lending platform, Lendified, join forces with Mentio Technologies this week. Mentio is a Vancouver-based company specializing in automated cash flow forecasting.
For Lendified, which offers fast online loans to Canadian small business owners, the acquisition marks an expansion into global markets as Mentio’s multi-currency technology serves customers in the USA, Canada, Ireland, New Zealand and Australia.
“It has always been our intention to become a scalable, global lending platform,” said Troy Wright, Founder and CEO of Lendified. Wright, who brings decades of executive-level international banking experience to Lendified, stated, “I’ve overseen lending operations domestically and abroad, and experienced firsthand the challenges of profitability in this segment. The use of Mentio’s technology for the adjudication of credit means we can better serve the small business marketplace.”
Lendified’s decision engine is more advanced than any other Canadian online lender, leveraging multiple data sources in its algorithm. The addition of Mentio’s forward-looking cash flow forecasting enables a more thorough review of credit while maintaining instantaneous decision-making capability.
Mentio Technologies recently graduated from Techstars Seattle, one of the top tech accelerators in the USA.
“This marriage is in total alignment with our strategy to pivot into the lending space,” said Mentio CEO, Monique Morden, who also praised Lendified for its sophisticated credit modeling process. “We’re extremely excited about how our lead generation tools and cash flow forecasting can further propel Lendified’s unique offer to the market.”