Because of gaps in the traditional credit system, millions of newcomers are overpriced and under-serviced.
Vambora was born with a mission to help newcomers move to Canada. Since we launched our platform on March 1, 2022, we have to date
🚀 +400 users on our platform
🤝 +50 partnerships
💰 +80 service bookings
🇨🇦 +20 families helped
And this is just the start... Lack of a domestic credit history keeps millions of immigrants in Canada from realizing their dreams.
Housing for such a long time has been a big problem in Canada. Entering the rental market as a newcomer means you're always behind the competition. You must beat domestic applicants with an established credit history and other references for a lease application.
Because of the high demand, property managers receive a high volume of applications for a single unit. Since you don't have a credit history in the country, you will pay more to secure housing. In Toronto for instance, there are cases where a family had to pay 12-month's rent to secure an apartment.
Canada has released its new immigration plans with a steady increase over the next 3 years at record-breaking numbers.
This year the plan is to admit 431,645 new immigrants. Almost 60% of these people will be economic immigrants, meaning they have the skills, knowledge, experience, language ability and education to join the workforce immediately. The number of international students in Canada has surged over the past decade, to +600,000 in 2021 from 239,000 in 2011. Unfortunately, the infrastructure to support them has not kept pace with this rapid growth. Many international students struggle to access adequate support for their careers, health care, and the most critical one: housing.
To continue growing as a country, we need to help newcomers have better access to the financial system, and that's why we're happy to announce the Vambora Global Credit Profile, aka GCP.
The Vambora GCP enables service providers to access consumer-permissioned international credit and financial data efficiently and securely. And our first target market is housing.
With the GCP, property managers can improve the tenant screening process and run credit checks on newcomers to minimize risk. International credit data is standardized to a format familiar and usable for Canadian service providers.
For newcomers, the GCP allows leveraging an existing credit profile from the origin country to paint a better picture and indicate their credit worthiness.
Vambora we'll continue to work hard to make the Canadian dream more accessible to everyone.
Happy Canada Day!