Financial Wellness @Work

About Benefi

Benefi is a fintech platform that is disrupting the pay-day loan and predatory lending market. We leverage AI and a unique employee benefit channel to level the playing field and serve underserved segments in the $548 billion Canadian lending market with affordable credit and financial literacy.

Location: Toronto

Year Founded: 2020

Vertical: Lending / Borrowing

Employees: 1 – 10

Website:  Benefi.ca

Social Media:

Problem

We know that nearly 40% of working Canadians struggle with financial wellness. This is a problem that disproportionately impacts younger workers, women, and newcomers to Canada. This issue predates COVID-19, and can lead to decreased productivity, absenteeism, and higher turnover, estimated at 13-18% of total salary costs.

Ideal Customers

Businesses and Consumers (B2B2C)

Milestones

  • Core team of experienced founders, MVP built, first customers signed, key partnerships with FI partners, soft launch.

Core Benefits

Benefi works with forward-thinking companies to help solve this problem, through financial literacy, smarter financial products that promote saving, and debt consolidation tools. Our unique lending and risk model strips out traditional lending risk, allowing affordable credit and higher approval rates even to thin file/no file borrowers.

  • Startup Pre-revenue 100% 100%
  • Startup Post-revenue $1 – $2M 0% 0%
  • Scaleup $2M – $10M 0% 0%
  • Scaleup $10M+ 0% 0%

Problem

We know that nearly 40% of working Canadians struggle with financial wellness. This is a problem that disproportionately impacts younger workers, women, and newcomers to Canada. This issue predates COVID-19, and can lead to decreased productivity, absenteeism, and higher turnover, estimated at 13-18% of total salary costs.

Core Benefits

Benefi works with forward-thinking companies to help solve this problem, through financial literacy, smarter financial products that promote saving, and debt consolidation tools. Our unique lending and risk model strips out traditional lending risk, allowing affordable credit and higher approval rates even to thin file/no file borrowers.

Ideal Customers

Businesses and Consumers (B2B2C)

Milestones

  • Core team of experienced founders, MVP built, first customers signed, key partnerships with FI partners, soft launch.
  • Startup Pre-revenue 100% 100%
  • Startup Post-revenue $1 – $2M 0% 0%
  • Scaleup $2M – $10M 0% 0%
  • Scaleup $10M+ 0% 0%