Grow Financial, the enterprise FinTech company, and Celero, which provides IT solutions to Canadian financial institutions, announced a partnership that Grow said will help it reach a wider spectrum of credit union customers.
Through the partnership, Grow and Celero will offer SaaS solutions to Canadian credit unions, giving customers access to several FinTech tools to assist with different areas such as small and medium enterprise lending, digital mortgages, financial education, and data analytics.
“We’re excited to collaborate with Celero in combining our digital banking tools and technology expertise with their experience in integrating innovative technology solutions into their network of credit unions and financial institutions,” said Kevin Sandhu, the CEO of Grow. “Working with such a well-established and innovative banking technology provider will help us fulfill our mission of improving Canadians’ financial well-being using state-of-the-art technology and data analytics.”
Grow and Celero’s partnership comes during a year when FinTech startups are increasingly looking to partner and work with financial institutions and credit unions to expand their reach of customers. Earlier this year, Grow also partnered with First West Credit Union to provide customers with access to its on-demand lending solutions.
Sean O’Conner, the vice president of partnerships at Grow, says partnering with an IT solution company that offers services to over 90 credit unions will allow Grow to offer its lending solutions to credit union customers more effectively. He adds that the next generation of Fintech will be enterprise Fintech — solutions where customers don’t have to choose between a startup and the bank they already trust.
“Their credit union customers will benefit by receiving best in class technology, integrated directly into their banking systems with full control over the customer experience,” said O’Conner. “Without these partnerships, Grow would have to work directly with each credit union, which we simply do not have the resources to keep up with. Celero benefits as they can now help their credit unions harness our technology to grow their membership base.”
This partnership will initially offer Grow’s digital lending solutions and other products that it plans to introduce in the coming months.