Grow Financial

Grow Financial

November 18, 2015 06:00 ET

Grouplend Rebrands Itself as 'Grow Financial' and Launches Its Second Product, 'RateTracker'

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 18, 2015) - Grouplend, Canada's leading online lending platform, announced today that it is rebranding itself as Grow Financial.

Since launching in 2014, the company's model has evolved from marketplace lending (or peer-to-peer lending) to a much more robust financial technology platform, using cutting-edge software and advanced data analytics to create revolutionary financial services that extend far beyond loans.

Grouplend has seen an unprecedented demand for its personal loans, having served thousands of Canadians since its launch. As it transitions to Grow, the company will continue to operate its online lending platform as the anchor product of its offering. Grow's technology-driven approach strips away much of the expensive overhead of traditional banking, significantly reducing cost and service time for its borrowers.

"The name 'Grouplend' is no longer symbolic of the direction that our business is headed," said Kevin Sandhu, Founder and CEO of Grow. "Grow represents our commitment to building and nurturing technology-enabled financial services products to improve the lives of Canadians."

In addition to the name change, the company also announced RateTracker, a new product evidencing first-of-its-kind innovation in financial services in Canada. The technology monitors an individual's credit metrics on a monthly basis and sends an email or a text with an updated personalized interest rate. It's completely free to subscribe to and it does not affect the individual's credit score at any point.

"A lack of transparency in the financial services industry has resulted in consumers' inability to truly monitor their financial health. People end up overpaying because they don't always know what they should be paying," said Sandhu. "RateTracker solves this. It can be used as a way to monitor your financial health every single month or as overdraft protection on your credit card. If you ever want to pay off your credit card balance instead of incurring high interest charges, you're just a few swipes or clicks away from a loan at the rate that was quoted in your monthly update."

In addition to serving Canadians directly, the name change paves the way for Grow to deploy its technology in partnership with many of Canada's leading financial institutions as the company achieves its vision of reinventing banking, using cutting-edge technology and advanced data analytics to improve the financial well being of Canadians.

The company can now be found at www.poweredbygrow.com.

ABOUT GROW:

Grow is the new generation of finance, leveraging the power of technology to give Canadians a better way to borrow -- one that is faster, easier, and more affordable than getting a loan from a bank or carrying a balance on a credit card. We are building modern banking using cutting-edge software and data science to reinvent lending. To learn more, visit www.poweredbygrow.com or contact Grow's media contact, Jesse Penner.

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