{"id":392,"date":"2018-07-29T15:40:00","date_gmt":"2018-07-29T15:40:00","guid":{"rendered":"https:\/\/fintechcadence.com\/2018\/07\/lending-amp-consolidation-ophelia-financetoimieux-ascension-fintech-program\/"},"modified":"2020-09-02T22:27:41","modified_gmt":"2020-09-02T22:27:41","slug":"lending-amp-consolidation-ophelia-financetoimieux-ascension-fintech-program","status":"publish","type":"post","link":"https:\/\/fintechcadence.com\/fr\/blog-posts\/lending-amp-consolidation-ophelia-financetoimieux-ascension-fintech-program\/","title":{"rendered":"Lending & Consolidation: Ophelia, FinanceToiMieux | Ascension Fintech Program"},"content":{"rendered":"

Even though the per capita debt level in Canada is minuscule as compared to that in the United States, it is definitely not something to be scoffed at. According to the Office of the Superintendent of Bankruptcy Canada (OSB), the average household debt in Canada is at 163% of disposable income, and nearly 4 out of 1000 individuals were likely to file for bankruptcy in 2015.<\/p>\n\n\n\n

The inherent complexity associated with financial products and the fact that most people would spend time doing painful household chores than deal with finance-related matters points towards the low probability of things changing anytime soon.<\/p>\n\n\n\n

Technology can definitely bring about a change and act as a saviour. In many instances, small tweaks with the help of tech can lead to drastic changes in the financial health of an individual. For instance, the use of artificial intelligence or some sort of repackaging of debt instruments could save the consumer around 0.5% on a mortgage – translating into a $25,000 saving for a 30-year long $250,000 mortgage.<\/p>\n\n\n\n

This is exactly what two young Montreal-based companies are trying to tackle, who we selected in our Ascension Fintech Program<\/span><\/a> at FormFintech. The products of these two startups and a brief analysis of the competitive landscape are mentioned below.<\/p>\n\n\n\n

Ophelia<\/strong><\/span><\/a><\/h1>\n\n\n\n

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Ophelia\u2019s value proposition is simple, intriguing and high-potential – help an individual pay off his or her debt, while accumulating savings. Sounds impossible? Not really! Patrick, based on his extensive financial expertise makes use of a complicated algorithm that allows consumers to do exactly that.<\/p>\n\n\n\n

Ophelia is part of a unique niche, but startups such as Borrowell and Mogo can be considered as close competitors. Borrowells $57-million funding round is popular among those in the fintech circle. Lendful, another startup in this area, raised $15 million in 2016. These big fundraising rounds provide solid proof that lending (and debt consolidation) is currently viewed as a high-potential niche.  Ophelia aims to differentiate itself from these competitors by providing attractive interest rates between 5% and 18.99%<\/p>\n\n\n\n

Who\u2019s behind Ophelia?<\/strong><\/p>\n\n\n\n

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