Grow (company)

Not to be confused with Groww, Indian financial services company.
Grow Technologies Inc.
Company typePrivate Company
IndustryFinancial Technology
Founded2014 (2014)
FoundersKevin Sandhu & Daniel Cowx
FateAcquired by ATB Financial
HeadquartersVancouver, British Columbia
Area served
Canada
Productssoftware
Websitepoweredbygrow.com

Grow (formerly Grouplend) is a financial technology company that has formed strategic partnerships with various credit unions to extend its product offerings and online lending services. headquartered in Vancouver, British Columbia and founded by Kevin Sandhu and Daniel Cowx in 2014. It started as a technology driven[buzzword] online consumer lender.[1][2][3] Grow's platform enabled borrowers to obtain a loan, which were then sold to private accredited investors and institutional investors. The company later evolved its business model to partner with banks and credit unions to provide its proprietary technology to power traditional financial services companies' digital presence. On February 10, 2016 Grow announced its first partnership with a Canadian financial institution: First West Credit Union.[4] The partnership enabled members of First West Credit Union to access the range of Grow product offerings directly through the British Columbian financial institution.[5] The announcement with First West was followed on February 25, 2016, by a second partnership announcement with Conexus Credit Union, the largest credit union in Saskatchewan, in order to bring its online lending services to the province.[6][7]

In August 2015 they closed their series A round of financing at $10.2 million, a round that was led by Vancouver angel investors Markus Frind, founder of dating website Plenty of Fish, and Lance Tracey, founder of Internet hosting services company Peer 1 Hosting.[8][9][10]

Grow was acquired by ATB Financial in November 2019.[11]

  1. ^ O'Hara, Clare. "Canadians turning to peer-to-peer Web loan providers". The Globe and Mail. The Globe and Mail. Retrieved 13 January 2016.
  2. ^ Barry, Critchley. "Vancouver's Grouplend seeks middle class Canadians for individually priced loans". Financial Post. Financial Post. Retrieved 19 January 2016.
  3. ^ Shecter, Barbara. "Marketplace lenders step out of the shadows in Canada — should we be worried?". Financial Post. Financial Post. Retrieved 19 January 2016.
  4. ^ "Grow and First West Credit Union begin exploring online personal loans service". First West Credit Union. First West Credit Union. Retrieved 7 March 2016.
  5. ^ O'Hara, Clare (Feb 10, 2016). "First West partners with online lending startup Grow". The Globe and Mail. Retrieved 7 March 2016.
  6. ^ Hobey, Erin (Feb 25, 2016). "Canadian Grow and Conexus Align: Saskatchewan Welcomes Online Lending". crowdfundinsider.com. crowdfundinsider.com. Retrieved 7 March 2016.
  7. ^ Lewis, Rob (Feb 24, 2016). "Startup of the Year Grow Partners with Saskatchewan's Largest Credit Union". TechVibes. TechVibes. Retrieved 7 March 2016.
  8. ^ NewsDesk, Techvibes. "Grouplend Announces $10 Million Financing For Online Lending Platform". TechVibes. Retrieved 13 January 2016.
  9. ^ Orton, Tyler. "Vancouver's emerging FinTech scene poised to push back against Canada's financial centre". Business In Vancouver. Business In Vancouver. Retrieved 19 January 2016.
  10. ^ Soltys, Douglas. "PLENTYOFFISH CEO MARKUS FRIND LEADS GROUPLEND'S $10.2 MILLION FUNDING ROUND". BetaKit. BetaKit. Retrieved 19 January 2016.
  11. ^ Kirkwood, Isabelle. "Vancouver-based Grow Technologies acquired by Alberta's ATB Financial". betakit. betakit. Retrieved 9 November 2019.