Wiseday Financial announces $5M seed financing

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By CPE News

CPE News (11.23.2022) – Wiseday Financial Inc. is launching first truly instant mortgage pre-approval process. With Wiseday, homebuyers can receive a shoppable pre-approved mortgage letter — and begin their home search — within five minutes.

Founded by Eric Dahan, Andrew Peker, Stéphane Bischoff, and Tony Morino, Montreal based Wiseday has also disclosed the closing of a $5 million seed financing led by Havery Capital, a venture company launched by Michael Bitensky, co-founder of Goli Nutrition, with participation of private investors.

photo credit: Wiseday founders: Andrew Peker (Head of Product), Stephane Bischoff (Head of Engineering), Eric Dahan (CEO), Tony Morino (VP of Sales & Strategy)

News Release

Wiseday is Canada’s First Company To (Truly) Deliver Instant Mortgage Pre-Approvals; Raises $5M Seed Round

‘Instant pre-approvals’ and ‘fully digital’ have been promised by Canadian mortgage companies before, but none have been genuinely instantaneous or 100% digital — until now

November 23, 2022 07:02 AM Eastern Standard Time

MONTREAL–(BUSINESS WIRE)–Today, Wiseday Financial Inc. is upending Canada’s mortgage landscape by delivering the country’s first truly instant mortgage pre-approval process. For decades, securing a pre-approval from an established bank or traditional lender has required piles of paperwork, numerous phone calls, and a wait time of up to seven days. With Wiseday, homebuyers can receive a shoppable pre-approved mortgage letter — and begin their home search — within five minutes.

“There’s so much talk of innovation in the mortgage space, but shockingly little has been done to improve the customer experience,” explains Eric Dahan, co-founder and CEO, Wiseday. “Most people want a quick pre-approval so they can start exploring their options. But in Canada, the process is backwards. Homebuyers have to jump through so many hoops before they can even begin looking. We’re flipping the entire process on its head by eliminating the waiting. Our team built the technology that breaks down a very frustrating barrier that has existed far too long in the home buying process. The launch of our ‘on-demand’ mortgage pre-approvals gives the power back to home buyers; they can immediately learn what they qualify for and start looking for a home right away.”

How Wiseday is Able to Deliver Instant Pre-Approvals

In order to deliver shoppable pre-approval letters in literally five minutes — without requiring a single phone call — Wiseday has put customers at the heart of the newly streamlined process. Here’s how it works:

The customer is asked a brief series of qualifying questions (3-minute process)
Identity and income are instantly (and securely) verified, powered by Plaid
Credit health is automatically assessed, with no impact on credit score
A proprietary algorithm determines how much mortgage the customer qualifies for

The ability for homebuyers to immediately see how much mortgage they qualify for is especially important given the recent rate increases and the mortgage stress test. And thanks to the company’s 100% online offering, zero-commission structure, and exclusive rates, savings are passed along to customers every step of the way.

$5M Seed Funding Fuels Innovation

The launch of Wiseday’s instant pre-approval process follows their $5M seed fundraising round in 2021 by Havery Capital, a venture company launched by Michael Bitensky, co-founder of Goli Nutrition.

“The founding team at Wiseday came with a clear vision of what had to change in order to make the mortgage process better for the next generation of homeowners,” said Michael Bitensky, co-founder of Goli Nutrition and president of Havery Capital. “They had the step-by-step plan, the industry expertise, and the passion needed to modernize the industry — making it more efficient and truly built around the customer. I can’t wait to see this impressive young company completely overhaul the home buying process in Canada.”

With a mission to streamline the mortgage process in Canada, Wiseday was founded in 2021 by a group of experienced technology, finance, and mortgage experts. The co-founding team – Eric Dahan (CEO), Andrew Peker (Head of Product), Stéphane Bischoff (Head of Engineering), and Tony Morino, (VP of Sales & Strategy) – come from leading technology companies, including RenoRun, Hopper, SSENSE and Ubisoft. Since launching, Wiseday’s improved digital mortgage process has already driven a 45 per cent month-over-month growth rate.

In the coming months, Wiseday will scale its technology team to further innovate the consumer experience and enhance its proprietary internal and B2B tools. The vision of the company is to digitize the entire life cycle of the homeownership process in Canada – beginning with its focus on instant pre-approval mortgages.

Visit www.wiseday.com to get your instant pre-approval mortgage letter today.

*An instant pre-approval does not reserve or promise applicants an interest rate or ensure a mortgage will ultimately be granted by a financial institution

About Wiseday
Founded in Montreal in 2021, Wiseday is on a mission to make the homebuying experience more streamlined, quick, and affordable for a new generation of Canadian homebuyers. By reimagining the time-consuming mortgage process, Wiseday is the first company to bring instant mortgage pre-approvals to Canada, offering shoppable mortgage letters in just five minutes. Wiseday’s 100% online, zero-commision structure and automatic lender negotiation also means that savings get passed along to customers. https://www.wiseday.com/

About Havery Capital
Havery Capital is a venture company launched by Michael Bitensky, co-founder of Goli Nutrition. Havery Capital – which officially opened in 2021 – is focused on investing in leading early-stage startups.


Linda North
NorthPR (for Wiseday)
linda@northpr.ca | 416-708-8012