TORONTO, Jan. 19, 2023 (GLOBE NEWSWIRE) — 8Twelve Financial Technologies Inc. (“8 is twelve“or”Company”) is pleased to announce that an agreement has been reached to provide mortgage solutions to Dwello.
Dwello is on a mission to help all Canadians have equal access to credit. Tenants can sign up for free to pay rent through Dwello’s payment platform. Their paychecks are reported to Equifax Inc., one of the largest credit bureaus serving Canada. Over time, on-time payments help build credit scores, opening up better offers on credit products such as loans, mortgages and credit cards.
This partnership will help Dwello renters eventually become owners. By internal integration 8 is twelve special INFIN8 platform, Dwello customers will be notified if they qualify for a mortgage from 8Twelve. INFIN8 uses real-time analytics, AI, and job automation to identify the best mortgages from Canada’s vast market of bank, alternative, and private mortgage products. 8Twelve also offers other products such as Co-Equity downpayment programs to make home ownership easier.
“The rental reporting agency has shown success in helping tenants improve and stabilize their credit reports. This has led to increased access to the loan products that are needed and affordable prices, as well as a wide range of affordable housing. This program benefits hard-working Canadians who may have been disadvantaged in the process due to low scores. credit or no credit information,” it said. Roy Moufawad, CEO of Dwello Ltd. “Dwello’s rental reporting system benefits both Canadian renters and financial institutions by giving them visibility into the rental market. In addition, landlords have found that using this platform to collect rents not only simplifies the process but also helps retain tenants.
“Renovation is proceeding at a rapid pace in the real estate and mortgage industries. Until recently, there were no such solutions for renters and home buyers. People were left to their own devices to figure out how they were going to transition from being a renter to being a home owner,” he said. Jason Baibokas, CFO of 8 twelve. “The connection of finance and technology has finally reached a point that increases the number of tools available to plan and achieve home ownership. At 8Twelve we try to combine the best solutions and smartest in our mission to make home financing easier.
Dwello is a payment technology system that helps Canadian renters build their credit score by paying rent. Payments made through Dwello are reported to Equifax to help renters maintain a stronger credit history while helping landlords make payments on time. Learn more at dwello.com and follow us on Facebook @dwellopayments and on Twitter @dwellopayments.
About 8Twelve Financial Technologies
8Twelve is changing the home financing experience by giving consumers a single convenient platform to solve all their mortgage needs. Gone are the days of needing to find a mortgage through multiple providers such as banks, mortgage brokers, and brokers. Borrowers can now access Canada’s largest mortgage options in one convenient marketplace. 8Twelve’s proprietary cloud platform INFIN8 uses real-time analytics, AI, and automation to identify the best financing solution in the Canadian market (from over 65 financing and over 7000 mortgage products).
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