François Côté, Chief Digital and Technology Officer for Fairstone co

Canada based non-bank provider of consumer lending solutions, Fairstone has partnered with Holt Accelerator, a Montreal-based program supporting entrepreneurship in the fintech industry.

The Canadian bank has acted as an advisor company to fintech participants in the Holt accelerator program since 2018 and recently signed an agreement with Owl.co, a Holt Accelerator portfolio company acting as a data aggregator/analyzing company. Fairstone will be using Owl’s “Know Your Customer” solution which will automate the customer verification and authentication process in the Company’s digital loan closing operations, as well as in its high-volume branch locations across Canada.

François Côté, Chief Digital and Technology Officer for Fairstone commented “With stable growth in our lending operations, Owl’s identification verification solutions allow us to solve an area of friction for customers by streamlining and automating the identification verification process in a highly secure and efficient manner. We believe this will achieve gains in operational efficiency as well as further complement our existing fraud prevention measures.”

Owl will be working closely with the digital and technology teams housed in Fairstone’s recently launched FairstoneLab, an internal space designed to foster innovation and collaboration.

Owl.co offers automated solutions for financial institutions to better know their customers by aggregating data and delivering customer insights in real-time. Owl.co offers three solutions: automated customer onboarding, instant KYC & AML, and fraud detection tool. This is done on a proprietary end-to-end encrypted, zero-knowledge platform that passes all the regulation checkmarks. Owl.co’s platform is server-independent and fully white-labelled.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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