Spring Financial Inc. is a Canadian alternative financial services company based in Vancouver, British Columbia.[1][2]
| Company type | Private |
|---|---|
| Industry | Fintech |
| Founded | 2014 |
| Founder | Tyler Thielmann |
| Headquarters | Vancouver, British Columbia, Canada |
Area served | Barranquilla, Colombia
Cebu, Philippines City, India |
Number of employees | 350 (2024) |
| Website | https://springfinancial.ca/ |
Spring Financial's application process for loans, mortgages and other financial services is conducted entirely online.[3] Applicants submit their personal information, and upon approval, they can access funds deposited directly into their bank account on the same day. In 2023, Spring Financial served over 800,000 Canadian applicants and funded over $150 million to Canadian borrowers.
History
editSpring Financial was founded in 2014 as a division of Canada Drives.[4][5] In 2015, the company worked with another provider to offer its first credit-building products, secured savings loans and unsecured personal loans. In 2016, Spring Financial launched its own secured savings loan under the Spring Financial brand.[6] In 2019, Spring Financial started a mortgage brokerage, operating under Spring Mortgage Group Inc. The company is licensed to offer mortgages in British Columbia, Alberta and Ontario.[7]
In 2021, Spring Financial rebranded its secured savings loan product to The Foundation.[8][9][10] It also launched an Evergreen product, which is a guaranteed personal loan for anyone who successfully completes The Foundation.[11]
In 2022, Spring Financial completed a formal spin-out from Canada Drives, making the company fully independent.[12] Since 2016, Spring Financial has expanded its products to offer personal loans at a variety of interest rates, including a prime personal loan starting at 9.99%.[6]
Operations
editSpring Financial operates primarily in Canada. Spring Financial's customers range from prime to subprime. For subprime customers, financing options may be limited as poor credit can restrict access to some financial products.[12][10][13]
References
edit- ^ "Canada headed for a hybrid open-banking regime". Investment Executive. 2024-05-08. Retrieved 2024-07-09.
- ^ "When he lost his income amid COVID-19, Spring Financial gave him a loan but no cash upfront - National | Globalnews.ca". Global News. Retrieved 2024-07-09.
- ^ "Is chief innovator the finance leader's next career move?". The Globe and Mail. 2024-03-05. Retrieved 2024-07-09.
- ^ Staff, deBanked. "2019 Top 25 Company Leaders in Lending – Canadian Lenders Association – Presented By BMO". deBanked. Retrieved 2024-07-08.
- ^ "Big changes for the 2023 tax filing season | Watch News Videos Online". Global News. Retrieved 2024-07-08.
- ^ a b Creditpicks (2023-10-03). "Spring Financial: Affordable Personal Loans in Canada". Creditpicks. Retrieved 2024-07-08.
- ^ "Spring Mortgage Group Inc. | BCFSA". www.bcfsa.ca. Retrieved 2024-07-08.
- ^ "Spring Financial is rated "Excellent" with 4.7 / 5 on Trustpilot". Trustpilot. 2024-05-24. Retrieved 2024-07-08.
- ^ "Spring Financial". Loans Canada. Retrieved 2024-07-08.
- ^ a b Chai, Carmen (2021-05-06). "Spring Financial Review: Benefits & Risks". Finder Canada. Retrieved 2024-07-08.
- ^ "Spring Financial". Smarter Loans. Retrieved 2024-07-08.
- ^ a b "Canada Drives". Loans Canada. Retrieved 2024-07-08.
- ^ "Best Personal Loans In Canada For July 2024". Forbes Advisor Canada. 2024-07-02. Retrieved 2024-07-08.