CPE News (5.16.2023) – Fairstone Bank of Canada, through its indirect wholly-owned subsidiary, Fairstone Financial Inc., has officially launched Fig Financial Inc.
Formed in 2022 and a direct subsidiary of Fairstone Financial Inc., Fig is an API-first business offering two complementary solutions: Fig Lend and Fig Extend.
Fig Lend enables partners without lending capabilities to integrate installment loans seamlessly into their existing product experiences. Fig Extend will give partners who already offer lending the ability to broaden their credit offerings. For consumers, Fig’s digital platform streamlines the borrowing process, enabling loan applications and approvals in minutes, with the security built on Fairstone’s experience in the market.
Fig has collaborated with Borrowell, one of Canada’s leading financial marketplace and credit education companies, with over 2.5 million members, as its strategic launch partner. Through the Borrowell marketplace, prime credit score members have access to Fig’s instant-apply personal loans with guaranteed loan quotes.
photo credit: Fig Financial
News Release
Introducing Fig, a Fairstone Bank company: A New Era of Digital Lending for Canadians
Fig offers a seamless, fully digital lending experience,
making borrowing simpler and more accessible for Canadians
MONTREAL, May 16, 2023 /CNW/ – Fairstone Bank of Canada and its wholly-owned subsidiary, Fairstone Financial Inc. (hereinafter collectively “Fairstone”), are proud to announce the latest addition to the company’s growing product offering with the launch of Fig Financial Inc. (“Fig”), a fully digital lending platform.
“We are thrilled to introduce Fig to the market. With Fig’s fully digital lending platform, Fairstone continues its commitment to enabling more Canadians access to the credit they need and want. Beyond digital lending, the launch of Fig continues to expand Fairstone’s full spectrum offerings to prime and near-prime customers,” said Scott Wood, President and CEO at Fairstone. “By merging Fairstone’s long-standing Canadian lending experience with the agility of a start-up, Fig will deliver the convenience borrowers are looking for, with the credibility they want.”
Fig is an API-first business offering two complementary solutions: Fig Lend and Fig Extend. Fig Lend enables partners without lending capabilities to integrate installment loans seamlessly into their existing product experiences. Fig Extend will give partners who already offer lending the ability to broaden their credit offerings. For consumers, Fig’s digital platform streamlines the borrowing process, enabling loan applications and approvals in minutes, with the security built on Fairstone’s experience in the market.
“At Fig, we are focused on a new era of lending, offering loans in the moments and places borrowers need them most,” adds François Côté, CEO at Fig. “Offering a fully digital lending experience allows us to simplify a previously complex process into one that can be completed in minutes. With secure access to credit now just a few clicks away, customers can confidently receive the funds they need from the comfort of their homes.”
Fig has collaborated with Borrowell, one of Canada’s leading financial marketplace and credit education companies, with over 2.5 million members, as its strategic launch partner. Through the Borrowell marketplace, prime credit score members have access to Fig’s instant-apply personal loans with guaranteed loan quotes.
“Having Fig on our marketplace enables Borrowell to serve even more Canadians in need of credit. Borrowell is the first financial marketplace in Canada to offer a loan product that lets the consumer see their guaranteed interest rate, amount and repayment term before they even apply, creating an accessible and transparent borrowing process,” said Simon Wise, VP of Revenue at Borrowell.
Fig’s development is supported by Fairstone and Koru, a pioneering venture studio owned by the Ontario Teachers’ Pension Plan. This collaboration has given rise to a unique company dedicated to transforming the lending landscape in Canada from the ground up.
Interested in a partnership with Fig? Contact partners@fig.ca.
About the Company
Fairstone Bank of Canada (“Fairstone Bank”) and its subsidiary, Fairstone Financial Inc. (“Fairstone”), form a leading consumer lending group. Fairstone Bank and Fairstone provide innovative financial services that enable Canadian consumers and businesses to achieve their goals. Collectively, Fairstone Bank and its subsidiaries offer credit cards and rewards programs, point-of-sale financing through merchant partners, automobile financing via dealerships, and unsecured and secured personal loans and mortgages online and at over 245 Fairstone branches coast to coast. With a long-established Canadian history, Fairstone Bank and Fairstone are committed to improving the lives of Canadians with value-driven and accessible financial solutions. More at: www.Fairstone.ca and www.FairstoneBank.ca
About Fig
Fig is an innovative digital lender dedicated to simplifying the borrowing process for people across Canada. With a user-friendly online platform, loan applications and approvals can be finished in just a few minutes, making the lending experience more efficient and accessible for Canadians. Supported by the reputable Fairstone Bank, Fig is in a unique position to blend the benefits of extensive lending experience with the agility of a start-up. This combination allows the company to effectively meet the credit needs of Canadians from various financial backgrounds. More at: www.fig.ca
SOURCE Fairstone Financial Inc.
For further information: Fairstone Bank, Caroline Morin, Vice President, Corporate Communications, media@fairstone.ca, +1 833-461-2900; Fig Financial Inc.: François Côté, Chief Executive Officer, media@fig.ca