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Several Fintechs Focused on Helping Renters Become Homeowners in Canada

Fintech.ca |   | Mar 15, 2023

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Several startups are at the forefront of “rent reporting” in Canada. Many also offer other features that aim to help renting Canadians gain a financial edge toward homeownership.

  • Zenbase:  Zenbase was founded with the vision of “becoming a trusted partner in managing household finances while eliminating late fees and predatory financing.”  One of the primary features of Zenbase’s flexible platform is allowing users to split their rent into two payments, saving on stress and avoiding overdraft or late fees.  Last year, Zenbase secured $4 million in seed funding in a round led by Global Founders Capital.
  • Chexy:  Launched in 2021, Chexy was the first Canadian payments experience that afforded tenants the possibility of paying home rent via plastic card. Users get cash-back and other rewards from spending on a card—both on rent and at Chexy partner brands—while also building credit.  Chexy believes building credit through rent is an important step toward home ownership.

See:  Halal Mortgages Emerging in Canada’s Housing Market

  • Requity Homes:  Founded in 2020, Toronto-based real estate platform Requity Homes operates a rent-to-own program that empowers Canadians to get one step closer to home ownership by allowing them to rent and save for their dream home with the option to purchase at a guaranteed price.  “Requity Homes is a new innovative way to help Canadians reduce barriers to home ownership,” said Sam Kolias, President of Boardwalk Investment. “It allows investors to partner with home buyers, helping bridge the gap between renting and owning a home.”
  • While many fintechs are focusing on helping renters transition to homeownership in Canada, it's essential for renters to also consider the importance of securing their current homes. Exploring options like ontario renters insurance can provide peace of mind and protection for their belongings during their renting phase.

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