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QuadFi uses AI to make it easier for Canadian newcomers to obtain financing

The B Corp aims to give immigrants a boost with low-interest loans.

Online lender QuadFi said it is using artificial intelligence (AI) to provide credit to immigrants to Canada. The startup claims its newly launched solution will allow any newcomer to North America to apply for a personal loan and be approved within minutes.

QuadFi claims its credit solution is borderless and doesn’t rely on FICO scores. FICO scores assess credit risk scoring, which FICO claims are widely recognized as the industry standard for measuring credit risk.

“QuadFi is fundamentally revolutionizing how risk is viewed and assessed in the modern era,” Nikjoo claimed.

However, traditional underwriting and scoring models use financial histories to create a score for potential customers. That means individuals with no financial history in Canada, such as newcomers and immigrants, aren’t able to obtain a…

Read more at betakit.com

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