Today, SAVVYY, a Canadian-based technology leader in lending software solutions and infrastructure, announced it has raised $5.7 million CAD from several prominent Canadian investors. The funding will help SAVVYY accelerate its efforts to modernize antiquated lending infrastructure by introducing a cloud-based AI-powered platform for Canadian banks and lenders. The next generation underwriting platform will allow lenders to transform manual, outdated systems into an automated and streamlined process, resulting in a significantly improved client experience.
Investors include prominent leaders in the financial services industry, including Joe Canavan from Canavan Capital, CEO of LOGiQ (previously CEO of NEXT Canada); Michael Zych, Scotiabank’s former global head of fixed income; Kevin Walton, founding team of Real Matters; and Michael Vanderkaden, fintech investor and former executive with Filogix and Equifax.
“We’re on a mission to transform banks into fintechs, and today’s funding announcement brings us one step closer to bringing our AI-ready Canadian mortgage underwriting platform to all Canadian lenders,” said Sal Naran, Co-founder, SAVVYY. “Our team of technology and financial services leaders, along with our prominent list of investors, clients and partners, makes us well-positioned to transform the lending industry in Canada—an industry that is long overdue for a technology-based transformation.”
Concentra Bank uses SAVVYY Platform to improve its mortgage lending infrastructure
The SAVVYY team is working with three Canadian Schedule I banks, including Concentra Bank, a well-respected Canadian bank known for collaborating with fintechs. Concentra implemented the SAVVYY platform to power its re-entry into the residential mortgage lending space. Since adopting the cloud-based mortgage platform, the bank has opened up new possibilities in areas like products, channels and processes.
“Moving to a cloud-based lending platform like SAVVYY allows our team to focus on the big picture: our technology architecture and our business,” said Neal Oswald, COO and SVP, Concentra Bank. “SAVVYY’s flexibility has allowed us to respond rapidly to changing market conditions by adding products, managing rates, and integrating with other microservices. Collaboration with SAVVYY is integral to our future integration with other Fintechs.”
Deloitte reports Canada is ripe for innovation in mortgage lending
According to Deloitte, Canada is overdue for mortgage lending innovation. While various fintechs have been improving upon mortgage experiences for the consumer, the latest emerging fintech players, like SAVVYY, are entering a space that has been long overlooked in the financial services industry.
“The first wave of ‘digital mortgage’ focused on elegant consumer-facing experiences. Now, leading industry players are pushing further into the heart of the lending business, with a focus on innovating legacy credit operations and decisioning processes,” says Andrew Hamer, Partner and Canadian Lending Leader, Deloitte. “This emergence of modern, cloud-based lending infrastructure is a positive development for the Canadian lending industry, resulting in more efficient outcomes for both the consumer and the business.”
SAVVYY’s founders, Salim Naran and Norm Cappell, along with their executive leadership team, have a proven track record and deep expertise in building enterprise lending systems. The experienced SAVVYY team is on a mission to transform Canada’s lending industry and is poised for significant growth in 2022.
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