A good credit score provides more than just access to financial products. It touches every part of our daily lives. More than half of employers and more than a three-quarter of landlords check credit. Without a good credit score, everything costs more, from loans to insurance to qualifying for a mortgage to buy property.
Building credit is a catch-22, access to financial products is required to build credit history but it is hard to get started without a good credit already. 11 Million Canadians have difficulties building and accessing credit and are excluded financially as a result.
Nyble helps Canadians build credit with a zero-interest credit line. Nyble’s solution provides a more accessible on-ramp to the credit system. Instead of underwriting customers based on their credit history, customers are approved based on their banking data and cashflows instead. As customers make repayments, Nyble helps report their payment history to the credit bureau. Instead of charging interest, Nyble generates revenue from a flat monthly subscription of $7.99 and uses its aggregated payment data and insights to help customers access financial products from partners.
Since launching in June of 2022, and receiving growth financing from Lighter Capital, Nyble has rapidly grown to serve tens of thousands of Canadians. The young startup is founded by Alex Yi and Han Xiao.
Neither are new to the world of financial services:
Yi previously specialized in acquiring and growing financial companies at a private equity firm, Novacap.
Xiao was on the Shopify Banking team where he helped develop Shopify Balance cards for over 1 million merchants.
They’ve already hit impressive milestones in a short amount of time. We are excited to welcome Nyble to the Lighter Capital portfolio and we expect you’ll be hearing more big news from this fast-growing fintech startup soon!
Visit Nyble to learn more.