Vancouver FinTech startup Grow (formerly Grouplend) announced another partnership with a financial institution this morning, teaming up with Regina-based Credit Union Conexus. The news comes just a week after Grow announced a similar partnership with BC-based First West Credit Union.
Like the First West deal, Grow’s partnership with Conexus will allow Saskatchewan residents access the startup’s lending platform via the province’s largest credit union. Those that apply for a loan will see the funds in their bank account by the following business day.
“By combining the brand and trustworthiness of an industry leader like Conexus with our leading edge technology, we are able to empower people to take control of their financial health with the familiarity of their community banking relationship,” said Kevin Sandhu, founder and CEO of Grow, in a statement to BetaKit. “We are thrilled to join Conexus in creating a world class banking experience for residents of Saskatchewan. We couldn’t think of a better partner to be launching in the province with.”
Conexus will begin to offer Grow’s consumer lending products sometime in the Spring of this year, and it would be no surprise to see the startup announce similar partnerships before that time. The online lending market right now is currently in a land-grab phase, with startups across the country making significant partnerships to acquire new customers and keep cost of acquisition low.