In the past month, several FinTech startups have made announcements launching new features and partnerships. Here’s the latest on company updates.
LendingArch announces new POS loan system for medical expenses
LendingArch has announced a new real-time point-of-sale loan system to help Canadian patients pay for out-of-pocket medical expenses.
LendingArch’s system breaks down expensive medical needs, such as MRIs and hearing aids, into monthly payments that do not require the patient to use, or have a credit card. They can spread the payment out over a duration of one to three years, with no deferred payments, compounding interest plans, or late fees for the patient. The company said that the system can help clinics increase sales and maintain patient loyalty, and that they face no credit risk for offering the service.
“We are excited about being able to offer our lending technology right at the point of sale
and make a difference in the lives of financially responsible Canadians,” said CEO Arti Modi. “To see the look on a patient’s face when they realize they can now afford fertility treatments or a hearing aid is empowering. Our clinicians are excited about being able to enhance their patients’
lifestyle and buying experience due to our seamless application process at no risk to them.”
LendingArch launched its service in April 2016 with the value proposition of proving hyper-personalized loan options; through the service, consumers can get loans based on business development, home improvement, or credit card payments.
Patients can apply for the system online, either at home or at a clinic. Applications take less than two minutes and the clinic gets paid right away.
The system will be available April 1st.
Wealthsimple partners with Forstrong Global Asset Managaement
Toronto-based Wealthsimple announced a partnership with Forstrong Global Asset Management to allow financial advisors using the Wealthsimple platform to invest their client’s assets in any of Forstrong’s investment strategies.
Through Wealthsimple for Advisors, financial advisors can invest client assets in Forstrong portfolios with no minimum account size and no trading fees.
“The investment advice industry is undergoing a shift in which the drive to lower costs is very important,” said Dave Nugent, head of investments at Wealthsimple for Advisors. “We can achieve significantly greater efficiencies through technology, creating a great experience for both the client and the advisor, regardless of their investment strategy.”
Wealthsimple controls the end-to-end investing experience, allowing advisors to onboard clients within 24 hours.
MobileLive and Traction on Demand named Canada’s Best Managed Companies by Deloitte
The designation from Deloitte awards companies for innovative, world-class business practices, distinctive culture, and sustained growth. Since 1993, hundreds of companies have competed for the designation each year.
“I’m really pleased with the way mobileLIVE is contributing in the digital ecosystem of Canada and at the same time being recognized several times among the best of the best in the industry, is a proud moment for us,” said Jahan Ali, founder and CEO of mobileLIVE. “Our strengths in operational adaptability and scalability, enterprise-grade solutions, end-user experience driven developments, modular and scalable approach, culture of robotic process and test automation, agile and lean structures along with collaborative working models to co-create, sets us apart.”
In November, mobileLIVE, which offers professional services such as consulting, custom development, and testing services, was on Deloitte’s list of Canada’s 50 fastest-growing companies. They were number 13 on the list, just missing the top ten.
Also on that list was Traction on Demand, a company that develops cloud technology solutions for large brands and small and medium-sized companies. They ranked 21 on a list of 50 fast-growing companies.
The winners will be honoured at a gala in Toronto on April 19.