The system that deemed them worthy of approval does not recognize their credit history, making them credit invisible to financial institutions on arrival.
Given how scarce their options are, they are often vulnerable to predatory practices like payday loans or paying a year’s rent upfront to offset risk and access services. New immigrants are stuck in a fundamentally flawed system that bars them from accessing affordable credit needed to build their new life.
At Woveo, we believe that community savings and lending practices are the keys to breaking the cycle of underrepresentation of new immigrants in the Canadian financial system. Their repayment history of saving and lending can and should be counted towards building a credit profile and unlocking financial opportunities for newcomers to Canada.
We have created a community wallet that empowers members to build credit history, using a rotating savings model connected to people they know and trust. We’re an inclusive onramp to establishing strong financial roots in Canada that earns newcomers much deserved recognition for positive actions they’re already taking to build a better life.
Woveo communities no longer bear the weight of group coordination and payment accountability on their own. We’re committed to repairing a broken system in partnership with traditional institutions to be a necessary onramp to credit visibility.