MONTREAL, July 9, 2019 /CNW Telbec/ - Fairstone Financial Inc. ("Fairstone"), Canada's leading non-bank provider of responsible consumer lending solutions, has partnered with Holt Accelerator Inc. ("Holt Accelerator"), a Montreal-based program supporting entrepreneurship in the fintech industry.
Fairstone has acted as an advisor company to participants in the accelerator program since 2018 and recently signed an agreement with Owl.co ("Owl"), a Holt Accelerator portfolio company, following a competitive selection process. Fairstone will use Owl's "Know Your Customer" solution to automate the customer verification and authentication process in the Company's digital loan closing operations, as well as in its high-volume branch locations across Canada.
"With stable growth in our lending operations, Owl's identification verification solutions allow us to solve an area of friction for customers by streamlining and automating the identification verification process in a highly secure and efficient manner," said François Côté, Chief Digital and Technology Officer for Fairstone. "We believe this will achieve gains in operational efficiency as well as further complement our existing fraud prevention measures."
Owl will work closely with the digital and technology teams housed in Fairstone's recently launched FairstoneLab, an internal space designed to foster innovation and collaboration.
About Fairstone Financial Inc.
Fairstone is Canada's largest non-bank provider of responsible lending solutions for near-prime borrowers with, as at March 31, 2019, over $3 billion in assets on a consolidated basis. Fairstone, including through its predecessors, has close to a 100-year history of providing Canadians with access to responsible credit. The Company has two key business lines: lending directly to consumers through its branch network and online; and financing consumer retail and car purchases through retailers and dealerships. Headquartered in Montreal, Fairstone is privately held by an investor group led by funds managed by affiliates of J.C. Flowers & Co. LLC and Värde Partners. More at Fairstone.ca.
About Holt Accelerator
Holt Accelerator offers participants the unique opportunity of benefiting from hands-on help through committed partners, training sessions, world-class mentors, immersion in the fintech environment, board meetings, financial investments and more. In addition, the Holt Accelerator program is the only accelerator offering one of Canada's largest applied AI solution providers, Stradigi AI, a proven resource for all fintechs that want to get ahead. Everything is thought out to get the best out of the program and unleash the selected startups' full potential.
Owl.co offers automated solutions for financial institutions to better know their customers by aggregating data and delivering customer insights in real time. Owl.co offers three solutions: automated customer onboarding, instant KYC & AML, and fraud detection tool. Owl.co solutions allow highly regulated institutions to use disruptive technologies without sacrificing security or integrity of sensitive data. By connecting to tens of thousands of trusted data sources, owl.co instantly aggregates and synthesizes millions of data points to learn more about FI customers. All this is done on a proprietary end-to-end encrypted, zero-knowledge platform that passes all the regulation checkmarks. Owl.co's platform is server-independent and fully white-labelled.
SOURCE Fairstone Financial Inc.
For further information: Fiona Story, Vice-President, Corporate Communications, [email protected], 514 394-2400 x6306031