When you think of the fast-evolving FinTech sector, a credit union on the Canadian prairie might not be the very first thing that comes to mind. Yet in Manitoba, Westoba Credit Union is partnering with Vancouver-based Grow to offer the prairie province’s first entirely digital loan platform.
This is just the latest example of traditional financial institutions partnering with more nimble online platforms. Fellow B.C.-based FinTech startup Mogo explained recently to BetaKit that banks and other lenders that are struggling just to keep legacy technology updated aren’t in an ideal position to innovate.
A number of financial institutions are partnering with FinTech startups to provide greater service and flexibility for customers. (For further coverage of the sector, subscribe to BetaKit’s The FinTech Times).
“We’re excited to be partnering with a financial institution as well regarded and trusted as Westoba,” said Kevin Sandhu, founder and CEO of Grow. “Combining our product and technology expertise with Westoba’s member-centricity and track record of community stewardship furthers our commitment to improving people’s financial wellbeing.”
Westoba said the partnership “showcases the showcases the kind of groundbreaking solutions the credit union is employing to fulfill their core value of valuing and embracing innovative thinking and change. The self-service online loan platform will be accessible to both credit union members and non-members.
Founded in 2014, Grow’s technology powers a range of data-driven banking products and services.