Our team at Whole Woman Network is very excited to congratulate the entire management and staff at #Woveo for successfully raising $2.3M in seed funding! We also extend our huge appreciation to all the investors and partners of Woveo!🎉

Whole Woman Network is proud to be one of the key organizations/communities collaboaring with Woveo, in using the digital rotating group savings and credit association model (ROSCA), to enhance the financial literacy/confidence , and overall financial security of Canadians. Learn more about Whole Woman Network’s digital ROSCA+ program offered via the Woveo Platform by reading the FAQs here. To join our ROSCA+ group on Woveo, click here.

Read more about Woveo’s seed funding success in the announcement below:

Source: Canadian Lenders Association

Woveo, a Canadian Lenders Association member, has secured $2.3 million in seed funding to revolutionize short-term credit options for non-prime consumers.  This new capital injection brings Woveo’s total financing to $3.8 million, following its initial pre-seed round of $1.5 million last September. The latest funding round includes new and returning investors, BKR Capital, Relay Ventures, Northpine Foundation, and others.

A recent study conducted by Chief Risk Officers at the Canadian Lenders Association revealed that over 8 million Canadians in the non-prime sector face considerable challenges in accessing affordable credit. Many are either entirely excluded from the credit market or subjected to high Annual Percentage Rates (APR). Woveo’s innovative community wallet is designed specifically to address the needs of this underbanked demographic.

The landscape of lending in Canada has undergone a significant shift following the government’s decision to reduce the maximum allowable interest rates from 47% to 35%. This regulatory change has opened up substantial opportunities for alternative credit solutions like Woveo’s, aimed at easing the burden of borrowing costs. Currently, up to 6.7 million Canadians borrow at APRs at the maximum rate.

Woveo’s suite of services includes group savings, credit-building programs, credit score monitoring in partnership with Equifax, and cash advances. The company has made remarkable strides, working with 23 communities serving 18,000 members. “Utilizing a rotating group savings model, Woveo has achieved an impressive 100% repayment rate, demonstrating the effectiveness of our approach,” says Jonah Chininga, Woveo’s Co-founder and CEO.

Read more about the announcement here: Canadian Lenders Association

About Woveo:

Woveo, headquartered in Calgary, is a leading fintech company dedicated to redefining the financial landscape for non-prime consumers. With a focus on community-based banking, Woveo offers group rotating savings, credit building and short-term credit access. Visit Woveo’s website to learn more about their vision, values, products and services.