Settle Launches Rent Guarantee for Newcomers and Returning Canadians, Beyond Credit Score Screening

Toronto fintech underwrites rental risk through Open Banking - giving newcomers housing access and a Canadian credit file from day one.

TORONTO, March 26, 2026 /CNW/ - Settle today launched its Rent Guarantee and Credit Building products in Toronto, giving skilled professionals and returning Canadians a way to qualify for leases using real-time financial data instead of a Canadian credit score. The platform underwrites rental risk through Open Banking, provides landlords with a written 12-month guarantee, and reports on-time payments to major credit bureaus, starting with the tenant's very first lease.

Each year, Canada recruits 400,000 skilled workers and explicitly selects them to fill critical gaps in the economy. In 2023, 92 percent of Express Entry invitees held post-secondary credentials, many arriving with savings, job offers, and exceptional earning potential. Then they tried to rent an apartment. Their Canadian credit score: zero. Not poor, not high-risk. Zero, because the file didn't exist yet. Without a Canadian credit file, the only workaround has been paying $13,200 to $26,400 upfront. Landlords, meanwhile, leave units empty rather than accept an applicant the old tools cannot evaluate.

"Landlords don't need a better way to guess who will pay," said Richard Oyekunle, Founder of Settle. "They need a system that makes the outcome certain. That's what we built."

Settle evaluates income velocity, savings patterns, and expenditure volatility through Open Banking and issues most decisions the same day. Approved tenants pay a monthly fee of 5% of rent, approximately $110 on a $2,200 apartment in exchange for a written guarantee that protects the landlord for up to 12 months. Landlords and real estate agents pay nothing. Distribution runs through property managers and real estate brokers, the same professionals, landlords already trust to fill vacancies and manage risk, so Settle integrates into the existing transaction rather than replacing it. A 2024 NBER working paper from Columbia Business School confirmed the underlying logic: structured rent guarantees lower deposit requirements, reduces barriers to entry for income-capable renters, and improves housing stability without materially increasing default rates.

"I had a job offer as a critical care nurse, but no Canadian credit history," said Laith Adnan, a Settle tenant. "Instead of draining my savings or asking relatives to co-sign, I shared my financial data through Settle. I had my keys two days later."

Every on-time payment is reported to Equifax and TransUnion each month, giving newcomers the fastest available path to a Canadian credit file, typically a prerequisite for credit cards, car loans, and mortgages.

Skilled professionals can apply at www.getsettle.ca. Real estate agents and property managers can connect with the Settle team through the same address. The process takes minutes and most approvals are issued the same day.

About Settle

Settle is a Toronto-based fintech company providing rental guarantees and credit-building services for newcomers and returning Canadians. Using cash-flow underwriting via Open Banking, Settle replaces credit score screening with rental-specific risk assessment -- enabling landlords to house qualified tenants with certainty and helping newcomers establish their Canadian financial identity from day one. Settle operates as a corporate guarantor. Learn more at www.getsettle.ca.

Data Sources: CMHC Rental Market Report 2024; IRCC Express Entry Year-End Reports 2023 and 2024; Abramson & Van Nieuwerburgh, "Rent Guarantee Insurance," NBER Working Paper 32582, June 2024.

SOURCE The Settle Company Inc.

Media Contact: Tanelia Tiffany, Head of Communications, [email protected], [phone]