Vancouver-based FinTech startup Amber Financial Services has raised a $5 million seed round, according to a report from Techvibes.
Amber Financial Services loan service targets new Canadians that arrive in Canada without a credit history, struggling to receive loans.
“Fintechs have acted as a disruptive technology shaking up the banking system by providing quick and easy loan services,” said Cindy Chen, CEO of Amber. “Now Amber is shaking up the traditional Fintech model by providing those same loan services to people that existing FinTechs can’t seem to qualify.”
Chen’s own experience led to the founding of the company, as her and her husband struggled to receive a loan after arriving in Canada because they had no credit history — even though they had assets in China. Amber currently has 18-full time employees, and has helped immigrants to Canada process over $25 million in loans.
