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TORONTO – (BUSINESS WIRE) – Today, SAVVYY, a Canadian technology leader in the lending of software and infrastructure solutions, announced that it has raised C $ 5.7 million from several leading Canadian investors. The funding will help SAVVYY accelerate its efforts to modernize antiquated lending infrastructure by introducing a cloud-based AI-based platform for Canadian banks and lenders. The next-generation underwriting platform will enable lenders to turn outdated manual systems into an automated and streamlined process, resulting in a dramatically improved customer experience.
Investors include prominent leaders in the financial services industry, including Joe Canavan of Canavan Capital, CEO of LOGiQ (formerly CEO of NEXT Canada); Michael Zych, former global head of fixed income at Scotiabank; Kevin Walton, Founding Team of Real Matters; and Michael Vanderkaden, fintech investor and former executive at Filogix and Equifax.
“Our mission is to transform banks into fintechs, and today’s funding announcement brings us one step closer to our Canadian mortgage underwriting platform AI-ready to all Canadian lenders,” said Sal Naran, co-founder of SAVVYY. “Our team of leaders in technology and financial services, along with our roster of prominent investors, clients and partners, position us well to transform the credit industry in Canada, an industry that has long awaited a transformation based on technology. ”
Concentra Bank Uses SAVVYY Platform to Improve Mortgage Infrastructure
The SAVVYY team works with three Canadian Schedule I banks, including Concentration bank, a highly respected Canadian bank known for its collaboration with fintechs. Concentra implemented the SAVVYY platform to re-launch its entry into the residential mortgage space. Since adopting the cloud-based mortgage platform, the bank has opened up new possibilities in areas such as products, channels and processes.
“Shifting to a cloud-based lending platform like SAVVYY allows our team to focus on the big picture: our technology architecture and our business,” said Neal Oswald, COO and SVP, Concentra Bank. “The flexibility of SAVVYY has allowed us to respond quickly to changing market conditions by adding products, managing pricing and integrating with other microservices. The collaboration with SAVVYY is an integral part of our future integration with other Fintechs.
Deloitte announces that Canada is ripe for mortgage innovation
According to Deloitte, Canada is slow to innovate in mortgage lending. While various fintechs have improved mortgage experiences for the consumer, the latest emerging fintech players like SAVVYY are entering a space that has long been overlooked in the financial services industry.
“The first wave of ‘digital mortgage’ focused on stylish consumer experiences. Today, the major players in the industry are digging deeper into the heart of the lending business, with a focus on innovating existing credit operations and decision-making processes, ”said Andrew Hamer, Partner and Canadian lending leader, Deloitte. “This emergence of a modern cloud-based lending infrastructure is a positive development for the Canadian lending industry, leading to more efficient outcomes for the consumer and the business.
The founders of SAVVYY, Salim Naran and Norm Cappell, along with their management team, have a proven track record and deep expertise in building business loan systems. The experienced team at SAVVYY is on a mission to transform the Canadian lending industry and is poised for significant growth in 2022.
SAVVYY’s team of specialists are building a digital infrastructure for the lending industry, using data and design to modernize loan processing. Their modern cloud-based software solutions transform lenders into fintechs, enabling them to transform a patchwork of legacy systems and manual processes into an efficient, flexible and automated process that delivers a dramatically improved customer experience. SAVVYY was established in 2018 and is based in Toronto, Ontario. https://savvyy.ai/