QuadFi launches Canada's first global credit passport

TORONTO, Oct. 18, 2021 /PRNewswire/ - QuadFi Co-Founder and CEO, Dr. Manny Nikjoo, today announced contracts with several overseas credit agencies allowing the company to access and translate foreign credit scores, mostly in real time. The company's proprietary modeling allows credit issuers in North America to immediately access the US or Canadian equivalent of overseas scores. QuadFi's global credit passport:

• Allows newcomers to access fair financing by using their international credit scores in their new country, and
• Connects QuadFi's business partners with exceptional customers years before their competitors.

Canada is an increasingly diverse country drawing talented immigrants from all corners of the world. Almost one in four Canadians is a first-generation immigrant and that proportion will continue to grow over the coming decades. Drawing on this diversity, and Canada's strength in AI/ML, QuadFi is using immigration to power private-sector solutions to financial exclusion.

The company focuses on the largest sources of immigration to North America and currently works with agencies in the United States, Mexico, Nigeria, and the Philippines. Other countries (such as Australia, South Korea, India, the UK, Spain, and Brazil) are in the pipeline and moving quickly. QuadFi is rapidly building this credit network into a Made-in-Canada platform to support global migration, digitization, and financial inclusion.

While QuadFi uses this overseas credit information as an input to the company's established lending platform for young people and immigrants, the company is also in discussions with partners to use the translated score as a stand-alone product, a high-value service for banks, auto dealerships, telcos and property rental companies.

Dr. Nikjoo said, "As a first-generation immigrant, I know firsthand how difficult it can be to build wealth and credit history in a new country. QuadFi was created to prove that alternative data can be used to provide fair and affordable credit and enable credit mobility. We've done that with North American data, and now we are incorporating global credit data in our model. This is an exciting next step for QuadFi, with many potential business applications."

Dr. Nikjoo also announced the hiring of Dr. Mahdi Lotfinezhad, as Chief Technology Officer. Dr. Lotfinezhad joins QuadFi from CPP Investment Board where he was a lead research and portfolio manager. Citing the drivers of QuadFi's growth, Dr. Lotfinezhad said, "We benefit from four major trends: international migration, digitization and advances in AI/ML, the social and economic imperative to integrate newcomers, and an increasingly supportive regulatory environment. I'm thrilled to join a mission-driven company that leverages these trends to create financial inclusion."

 About QuadFi
QuadFi uses alternative data from domestic and international sources and proprietary AI/ML modeling to provide immigrants and young people with affordable credit. The company is motivated by a mission to combat financial discrimination and replace outdated underwriting standards. QuadFi, proudly based in Toronto, Canada, is building a borderless financial future.

SOURCE Quad-Fi Inc