The announcement comes as a surprise to many as FinTech companies are something of a rival to traditional financial services such as First West. If anything, it shows that many financial corporations and companies could benefit from embracing FinTech – especially FinTech such as Grow.
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Grow, an online peer to peer lending startup, allows investors to connect with individuals looking to borrow. This innovative form of peer to peer lending is far more common nowadays – so much so that Grow still have a few more partnership agreements to announce in the coming weeks.
What does this partnership entail?
The team-up will provide members of the credit union with a cheaper and faster loan product, whilst Grow will benefit from a wider clientele. This is massively beneficial for Grow, as there seems to be a lack of awareness of FinTech companies in Canada. Grow CEO and founder Kevin Sandhu stated that “The biggest struggle we have is broad awareness… Our target customer doesn’t necessarily know that we exist, and more than that, our target customer doesn’t necessarily feel that they want to move away from traditional financial services where they received a reliable and trusting relationship.” Hopefully, the partnership of the two companies will be able to provide a balance of said reliable and trusting relationship, and the benefits of the constantly, evolving FinTech being developed.