Canada’s growing fintech space saw online lending platform, Lendified Inc., join forces with Vancouver-based Mentio Technologies, a platform specializing in automated cash flow forecasting. For Lendified, which offers online loans to Canadian small business owners, the acquisition marks an expansion into global markets as Mentio’s multi-currency technology serves customers in the USA, Canada, Ireland, New Zealand and Australia.
“It has always been our intention to become a scalable, global lending platform,” commented Lendified Founder and CEO Troy Wright. “I’ve overseen lending operations domestically and abroad, and experienced firsthand the challenges of profitability in this segment. The use of Mentio’s technology for the adjudication of credit means we can better serve the small business marketplace.”
Mentio Technologies recently graduated from Techstars Seattle, one of the top tech accelerators in the USA. Lendified’s decision engine “is more advanced than any other Canadian online lender, leveraging multiple data sources in its algorithm,” claimed the platforms. The addition of Mentio’s forward-looking cash flow forecasting enables a more thorough review of credit while maintaining instantaneous decision-making capability. Last October, Lendified announced its induction into MaRS Discovery District’s FinTech Cluster, a group dedicated to supporting startups and entrepreneurs who develop next generation technology in emerging payments, financial services, peer-to-peer transactions, crypto-currencies, and alternative lending.
“This marriage is in total alignment with our strategy to pivot into the lending space,” said Mentio CEO Monique Morden. “We’re extremely excited about how our lead generation tools and cash flow forecasting can further propel Lendified’s unique offer to the market.”