Why I believe Vambora will change the future

Financial stability for new immigrants - Newcomers deserve a more inclusive financial system: my personal story
Unsa Salman
Guest writer
Last updated:
Apr 11, 2023

Every immigrant has an interesting story of new beginning, resilience, and overcoming challenges before eventually finding their ground. Starting over a life in a new country is never easy. It’s an uncharted territory with uncountable unknowns. 

As a proud Canadian who was once a new immigrant, here’s my journey of finding my way through the maze: 

I landed in Canada as a young 20-something in the fall of 2013. I came to this beautiful country with big dreams and bigger ambitions. I left behind the comfort of my parent’s home to have a family of my own with my husband who had sponsored me. He had immigrated to Canada a few years prior as a graduate student at University of Waterloo. 

We started our life together in a 1-bedroom student rental but decided to buy our own house at the earliest to grow our own family. We would spend our evenings looking at to shortlist properties, only to realize that because of my newcomer status in Canada, my credit history didn’t exist. There was no other way but to start building it from scratch, so we put our dream of owning a home on the back burner, at least for a while. We doubled down on all the things we needed to do to build a healthy credit score for myself. Months later, we did manage to buy our first home in Canada and I gradually settled into my Canadian life. 

The ‘newcomer’ financial struggle is real.

My story is not unique as the majority of newcomers go through this feeling of having their hands tied. Navigating Canada’s financial, legal, and tax systems for a lot of newcomers is not easy. Despite having numerous resources and support services by the government for newcomers, there is a lack of financial tools to help immigrants hit the ground running. And while Canada welcomes its new immigrants with open arms, access to equitable financial opportunities for newcomers takes a serious toll on the financial and mental well-being of many. 

Canada is an immigrant-reliant economy and plans to welcome nearly 1.5 million new immigrants between 2023-2025. The majority of these immigrants are highly skilled, professionally qualified, and go through a tedious screening process to be welcomed as immigrants. But the moment they land here, they have to prove their financial worth once again even to secure a place to live. 

For far too many immigrants, the challenges in accessing financial services not only slow down their progress but also hinder wealth creation that could benefit the economy at large. 

Making financial assimilation easier. 

The good news is: There is a way to open doors to equal opportunities for newcomers! Vambora has officially launched its Trust Profile to help newcomers gain easy and swift access to opportunities by breaking down the traditional credit barriers. 

And this is exactly why Vambora exists – to promote global financial inclusion. As a Canadian fintech startup founded by immigrants, Vambora is building an innovative financial identity system where economic opportunities are not held hostage by credit as the gatekeeper. 

This means that: 

  1. Newcomers or those with limited credit history can have easier access to finance with Vambora Trust Profile. From renting a house to getting a loan, and in some instances securing a job – you can be sure that you’re not missing out on opportunities and meeting your goals.  

  1. Businesses can grow confidently by using Vambora Trust Profile to accurately underwrite international customers and new immigrants, ensuring fair access to financial services for all. With a simplified tenant screening process, Property Management Companies and landlords can  mitigate risks by making data-driven decisions. 

Building a better future for newcomers.  

As I share my immigrant journey of perseverance and resilience, I’m beyond thrilled that Vambora Trust Profile is here to lend a helping hand and change the newcomer experience for the better!

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