8Twelve Enters into Mortgage Solution Agreement with Dwello
TORONTO, Jan. 19, 2023 (GLOBE NEWSWIRE) — 8Twelve Financial Technologies Inc. (“8Twelve” or the “Company”) is pleased to announce that it has entered into an agreement to provide mortgage solutions to Dwello.
Dwello is on a mission of helping all Canadians get equitable access to credit. Renters can sign up for free to pay rent through Dwello’s payment platform. Their rent payments get reported to Equifax Inc., one of the major credit bureaus serving Canada. Over time, the on-time payments help build credit scores, thus unlocking favorable offers on credit products like loans, mortgages and credit cards.
This partnership will help Dwello renters eventually become owners. By integrating into 8Twelve’s proprietary INFIN8 platform, Dwello customers will be notified when they qualify for a mortgage from 8Twelve. INFIN8 utilizes real-time analytics, AI, and workflow automation to identify the best possible mortgage from Canada’s largest marketplace of bank, alternative, and private mortgage products. 8Twelve also has access to other products such as Co-Equity down payment programs to further facilitate home ownership.
“Rent reporting to the bureau has demonstrated success in assisting renters in improving and establishing their credit profiles. This has led to increased access to preferred lending products and favorable rates, as well as a broader range of rental properties. This initiative has benefited hard working Canadians who may have otherwise been disadvantaged in the system due to low credit scores or non-existent credit profiles,” said Roy Moufawad, CEO of Dwello Ltd. “Dwello’s rent reporting system is beneficial for both renters in Canada and financial institutions by giving them visibility into the rental market. Additionally, landlords have found that using this platform to collect rent not only simplifies the process but also helps retain tenants.”
“Innovation is moving at a very rapid pace in the real estate and mortgage industries. Until very recently, solutions such as these did not exist for renters and home buyers. People were left to their own devices to figure out how to migrate themselves from being a renter to being a homeowner,” said Jason Baibokas, CFO of 8Twelve. “The convergence of finance and technology has finally reached a point where an increasing number of tools are available to plan for and achieve home ownership. At 8Twelve we strive to integrate the best and most intelligent solutions in our mission to streamline the home financing process.”
About Dwello
Dwello is a payment technology platform that helps Canadian renters build their credit scores just by paying rent. Rent payments paid through Dwello get reported to Equifax to help renters establish a stronger credit history while helping property owners get paid on time. Learn more at dwello.com and follow us on Facebook @dwellopayments and on Twitter @dwellopayments.
About 8Twelve Financial Technologies
8Twelve is transforming the home financing experience by providing consumers with one convenient platform to solve all their mortgage needs. Gone are the days of needing to search for a mortgage through multiple providers such as banks, mortgage brokers, and private lenders. Borrowers can now access Canada’s largest selection of mortgages in one convenient marketplace. 8Twelve’s proprietary cloud platform INFIN8 utilizes real-time analytics, AI, and workflow automation to identify the best possible financing solution in the Canadian market (from over 65 lenders and over 7000 mortgage products).
Contact: Rick McLaughlin
Email: [email protected]
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