About Woveo

Woveo is a community wallet that enables Immigrant communities to save, access and build credit history.

Location: Calgary

Year Founded:  2021

Vertical:  Lending / Borrowing / Payments / Rewards

Employees: 1 – 10

Website:  Woveo.com

Social Media: 

Ideal Customers

Businesses and Individuals (B2B2C)

Problem

9 million Canadians are considered to be credit invisible, meaning they don’t have credit history and access to affordable credit. Immigrants account for 75% of our population growth but still lack the credit infrastructure to allow them affordable access to credit and financial services.

Core Benefits

Starting with rotational savings – a cooperative banking model – we’re enabling newcomer communities to pool their savings and use them as credit facilities. Most importantly, we have integrated our services into the Credit bureaus to report their payment activities and help them build credit history.

Through our community wallet, users can create a community, invite their social network, pool funds and take turns accessing interest-free credit from their group.

We’re introducing a savings product with credit-building capabilities and no interest fees. Users are incentivized to save in a group setting while building credit in way that is affordable and accessible.

Milestones

– Raised a preseed round of $1.5M
– Won 60K cash prize at the Calgary Fintech Awards as a runner up
– Partnered with 15 community organizations with over 14,000 members (Currently in beta)
– Partnered with Visa, Peoples Trust and Equifax to reimagine community banking
– Won the financial inclusion award at the World Summit Awards.
– Raising a $2M round with $1M in commitments.