Big congratulations to the Borrowell Team for announcing a strategic partnership with Big 5 bank CIBC! The deal is going to get CIBC customers access to "One Click Loans" and expose the Borrowell brand and technology to many, many Canadians.
The deal represents a tremendous amount of work, over a long period of time, by a lot of people. Not very many startup teams would have the expertise, vision, tenacity, patience and experience to create a partnership of this magnitude.
When you're a tech startup, things move very fast, and in many different directions. Everyone on the team is expected to wear several different hats, and as soon as a milestone or objective is accomplished, it's a case of "off to the next one". Rarely do fast moving, high growth companies pause to reflect on what has been accomplished.
But this was really an interesting project to be a part of, at a very interesting crossroads for Fintech in Canada. One Fintech analyst publication speculated that this was the first deal of its kind in the world, not just in Canada.
It goes to show what can be accomplished if startups and incumbents view the future the same way. This was an amazing, and frankly awe inspiring, moment in time where it was cool to reflect and see the impact a small company from Toronto made on Canadian banking.
Check out the press release: