Grow (company)

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Grow Technologies Inc.
Private Company
IndustryFinancial Technology, Financial Services, Consumer Finance
FateAcquired by ATB Financial
Founded2014 (2014)
FoundersKevin Sandhu & Daniel Cowx
HeadquartersVancouver, British Columbia
Area served
Canada
Productspersonal loans
Websitepoweredbygrow.com

Grow (formerly Grouplend) was a private Canadian online lending company, headquartered in Vancouver, British Columbia. It was the first peer-to-peer online lender to be established in Canada.[1][2][3] Grow's platform enabled borrowers to obtain a loan, the loans were then sold to private accredited investors. In August 2015 they closed their series A round of financing at $10.2 million, a round that was led by Vancouver angel investors Markus Frind, founder of dating website Plenty of Fish, and Lance Tracey, founder of Internet hosting services company Peer 1 Hosting.[4][5][6] On February 10, 2016 Grow announced its first partnership with a Canadian financial institution: First West Credit Union.[7] The partnership will enable members of First West Credit Union to access the range of Grow product offerings directly through the British Columbian financial institution.[8] The announcement with First West was followed on February 25, 2016, by a second partnership announcement with Conexus Credit Union, the largest credit union in Saskatchewan, in order to bring its online lending services to the province.[9][10]

Grow was acquired by ATB Financial in November 2019.[11]

References[edit]

  1. ^ O'Hara, Clare. "Canadians turning to peer-to-peer Web loan providers". The Globe and Mail. The Globe and Mail. Retrieved 13 January 2016.
  2. ^ Barry, Critchley. "Vancouver's Grouplend seeks middle class Canadians for individually priced loans". Financial Post. Financial Post. Retrieved 19 January 2016.
  3. ^ Shecter, Barbara. "Marketplace lenders step out of the shadows in Canada — should we be worried?". Financial Post. Financial Post. Retrieved 19 January 2016.
  4. ^ NewsDesk, Techvibes. "Grouplend Announces $10 Million Financing For Online Lending Platform". TechVibes. Retrieved 13 January 2016.
  5. ^ Orton, Tyler. "Vancouver's emerging FinTech scene poised to push back against Canada's financial centre". Business In Vancouver. Business In Vancouver. Retrieved 19 January 2016.
  6. ^ Soltys, Douglas. "PLENTYOFFISH CEO MARKUS FRIND LEADS GROUPLEND'S $10.2 MILLION FUNDING ROUND". BetaKit. BetaKit. Retrieved 19 January 2016.
  7. ^ "Grow and First West Credit Union begin exploring online personal loans service". First West Credit Union. First West Credit Union. Retrieved 7 March 2016.
  8. ^ O'Hara, Clare (Feb 10, 2016). "First West partners with online lending startup Grow". The Globe and Mail. Retrieved 7 March 2016.
  9. ^ Hobey, Erin (Feb 25, 2016). "Canadian Grow and Conexus Align: Saskatchewan Welcomes Online Lending". crowdfundinsider.com. crowdfundinsider.com. Retrieved 7 March 2016.
  10. ^ Lewis, Rob (Feb 24, 2016). "Startup of the Year Grow Partners with Saskatchewan's Largest Credit Union". TechVibes. TechVibes. Retrieved 7 March 2016.
  11. ^ Kirkwood, Isabelle. "Vancouver-based Grow Technologies acquired by Alberta's ATB Financial". betakit. betakit. Retrieved 9 November 2019.

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