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LoanConnect: Canada's Marketplace for Unsecured Credit
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- 2. 1990 Big 5 Market Share = 75% 1812 Bank of Montreal Founded 1901 First Credit Union (Desjardins) Founded 2017 40+ AltFi consumer and business lenders Banking Evolution(?) in Canada 1997 First Virtual Banks Established 2014 Grouplend established 1st P2P AltFi 2013 Big 5 Market Share = 70% 2006 Mogo issues first AltFi loan online
- 4. The Power of Choice
- 5. Full Spectrum of Consumers 700 FICO + 650 FICO + 450 FICO +
- 6. Underlying Process Capture • Borrower application Choice • Lender Pre-approval Funding • Data handoff • Borrower funded Referral fee received
- 8. Integrated Partners + 10 more to be added in 2017
- 9. Market Upheaval Non- Mortgage Consumer + Small Business Debt >$600B
- 10. 1990 Debit Cards introduced at Point of Sale 1968 First ‘Chargex’ credit card issued 1973 BMO introduces ‘Mastercharge’ 2017 First open market loan will be used to fund point of sale transaction Payment Evolution Revolution
- 11. POS Revolution
- 12. Personal Loans Purchase Financing Credit Cards Debt Management Auto Loans Insurance Benefits Assistance Wealth Management Secured Lending Credit Improvement
- 13. Team Chris Healy MBA COO 18+ years in Finance & Operations Ketan Patel MD CIO 10+ years in Informatics & Decision Systems Adam Rice MBA CEO 10+ years in Marketing & Startups
Editor's Notes
- LoanConnect puts the consumer in control of their credit options. Our goal is to provide consumers with the options that best meet their needs, on their terms, whenever and wherever they are.
- We are a search engine that can live query Canadian Fintech lenders through backend integration with their loan decisioning systems. No other company is doing this currently for the Canadian unsecured market. The Process: A borrower enters their information and loan requirements and our system searches available options, the borrower then selects a loan from a list of aggregated results and formally makes an application. _ If the applicant is declined from the lender, for any reason, the borrower is referred back to our website, the results are refined, and the borrower is directed to other alternatives.
- Data from Equifax Non-mortgage consumer lending is over $520B, combined with more than $100B in small business borrowing. The Existing Big 5: Reactionary Legacy Assets Risk Averse New Entrants: Innovative Lean Risk tolerant AltFi Lenders are able to generate cost advantages of over 400 basis points compared to traditional lending platforms, leading to further cost savings at the customer level New entrants coming every quarter; US lenders continue to look north for opportunities AltFi lenders providing alternative to borrowing through consumer or business credit cards, and high-interest payday loans.
- Our consumer finance application will allow a consumer to move from ID verification to completed purchase, financed through one of our lending partners, in under a minute. By bringing together a consortium of technology, security, payment processing, and banking partners, we will provide a seamless experience for the customer.