Canadian digital lender QuadFi has secured a $100m financing facility from Crayhill Capital Management, a minority-owned private credit manager.

QuadFi will use the proceeds to offer personal loans to people with limited credit history but a ‘strong’ source of income and ‘promising’ financial outlook such as immigrants. 

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Crayhill Capital Management managing director Sloan Sutta said: “We are incredibly excited to partner with QuadFi and support their mission-driven growth. We believe that their cutting-edge technology and business model will enable them to deliver value to investors, clients and stakeholders across the economy.”

Traditional risk models rely on historical credit data to make credit decisions.

Whereas QuadFi uses a new and adaptive underwriting model that uses credit data from customers’ home countries, alternative data and open banking to make informed credit decisions. 

This business model caters mainly to newcomers and younger demographic groups who have a little credit history but bright prospects.

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QuadFi CEO and founder Manny Nikjoo said: “This partnership allows us to take a big step toward achieving our long-term pursuit of fostering financial inclusion and helping our customers, who are young, ambitious and educated, achieve the financial access they deserve. 

“Crayhill understands our objectives, and now we have the runway to accelerate our growth, which will have benefits for our customers, investors, and communities.

“Our data-driven approach to lending was created to replace the outdated financial practices that currently lead to inequality of access to financial products for all groups.”