‘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
MONTREAL (November 23, 2022): 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 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.
Media Contact
Linda North
NorthPR (for Wiseday)
