InterestPiggy, an online interest rate marketplace that says it helps consumers find the best rates for their mortgages, savings, loans, or GICs, is the latest startup to join Toronto’s growing FinTech sector.
The company, which officially launched today, said users can sign up and input their information and requirements on its platform for free. After signing up, consumers can launch a competition, where their posting is delivered to a network of providers including banks, credit unions, alternative lenders, and brokers, who put forward competitive interest rates.
The identities and contact information of both consumers and financial service providers is hidden during the 48 to 72-hour period that interest rates are put forward, with the information only being shared after the competition closes and a match is made. Once a match is made, providers and consumers can connect to finalize the deal.
“With a steady rise in interest rates, consumers will be looking for the best deal to purchase a home, apply for loans, or even set up a savings account,” said Manny Kandola, founder and CEO of InterestPiggy.com. “This new platform saves consumers time and allows them to connect with multiple financial providers, so they’re left feeling confident that they’ve received the best possible rate available.”
InterestPiggy said its platform also features a two-way rating system for clients and providers to ensure that future users can learn and benefit from existing users’ previous experiences.