Wiseday Financial Inc. is a Canadian financial technology company specializing in mortgage services. Founded in 2021 by Eric Dahan and Tony Morino, Wiseday is headquartered in Montreal. Initially launched as a mortgage brokerage, the company transitioned to a direct residential mortgage lender. This shift signifies a major change in its business model, enabling Wiseday to offer more comprehensive mortgage solutions and direct lending services to its customers.[1][2][3]

Products and services

edit

Wiseday provides a 100% online mortgage pre-approval process through several streamlined steps:

  • Customers answer a series of qualifying questions.
  • Identity and income are instantly verified using secure technology from Plaid.
  • Credit health is assessed without affecting credit scores.
  • A proprietary algorithm determines the mortgage amount for which the customer qualifies.
  • The process concludes with a shoppable pre-approved mortgage letter, allowing potential homebuyers to start their property search immediately.

These services cater to new mortgages, refinancing, and renewals.[3][4]

Funding and growth

edit

In 2021, Wiseday secured $5 million in seed funding led by Havery Capital, a venture capital firm co-founded by Michael Bitensky. This funding has enabled Wiseday to develop its technology and expand its market presence. The company has experienced a 45% month-over-month growth rate since its inception, reflecting a strong market response to its innovative mortgage solutions. Wiseday plans to further scale its technology team to enhance consumer experience and expand its digital offerings.[2][4]

Industry Impact

edit

Wiseday's transition from a mortgage brokerage to a direct lender marks a significant shift in the Canadian mortgage landscape. Traditionally, obtaining a mortgage pre-approval involved extensive paperwork and waiting periods of up to seven days. Wiseday's approach reduces these waiting times and paperwork, making the homebuying process more efficient and user-friendly.[1]

Vision and future plans

edit

Wiseday aims to digitize the entire homeownership lifecycle in Canada, continuously innovating to make the process more accessible and less cumbersome for new-generation homebuyers.[3][4][1][2]

References

edit
  1. ^ a b c "Cision in Canada | Ressources". www.newswire.ca (in French). Retrieved 2024-06-18.
  2. ^ a b c "Cision | News Releases". www.newswire.ca. Retrieved 2024-06-18.
  3. ^ a b c "Ouvrez une session dans mon CNW | Cision". www.newswire.ca (in French). Retrieved 2024-06-18.
  4. ^ a b c "Cision". app2.cision.com. Retrieved 2024-06-18.