JustCompare.ca is Canada’s leading financial comparison site for mortgages, credit cards, and personal loans. JustCompare.ca brings transparency to customers and empowers them with the ability to better understand and manage their banking needs, saving them time and money. They are the only platform in Canada with the most comprehensive list of lenders in one place. This allows customers to search, compare, and apply for personal lending products for free!
This simple, yet brilliant, service was brought to life by Nilay Lad, Ryan Sharma, and Kristian Feldborg. Nilay has been working for banks in the United Kingdom in roles such as senior management, strategy, and project management for over fifteen years. He also played a major role in the successful launch of TSB Bank. Such an experience gave him the knowledge and the ability to discover an unmet need in the Canadian market.
As Founder and CEO, Nilay Lad, says, “the ability to compare different lending products is definitely limited, it is quite discouraging and overwhelming to navigate and research in such a fragmented market. We built this platform to help Canadians receive more transparency in banking for free.”
Developing a platform that looks like a comparison site but has the functionality of a mini-bank (credit decision capabilities and processing) will help JustCompare.ca direct customers to the lenders who will serve their lending needs and save time and money for both the customer and the lender.
Further, JustCompare.ca gained great traction as a result of its strong partnership with the RIC Centre. In only 6 months, the team has taken a concept, deployed a platform, signed 5 lenders and enabled the company to go live in April 2017. Success can be attributed to great leadership, hard work, business support, access to resources, and guidance to grow and develop.
Nilay reveals that “RIC Centre is such a huge asset and has helped us phenomenally. We had the opportunity to meet great advisors who strategically directed us on how to take the necessary steps forward. RIC provided us with constant support in terms of team meetings, being able to bounce ideas off other incubator tenants, and interacting with an ample team of advisors and interns who helped us grow by challenging us and providing us with feedback.”
“We are seen as “no regrets” to lenders as they only pay for each application we send over or when a sale is made.”
Furthermore, Nilay clarifies that “Some banks see us as a threat instead of a partner. They don’t understand that we’ll give them customers and help them grow. Those that have signed up love us. They see us as another tool in their acquisition toolbox to help them attract customers through the online channel. We are seen as no regrets to lenders as they only pay for each application we send over or when a sale is made, which is totally dependent on what price structure they want to sign up to,” Nilay explains.
Nevertheless, JustCompare.ca has come a long way and its partnerships will allow it to go further. For example, the company is seeking more funding as it plans to deliver its full solution service in August 2017. This solution allows customers to not only compare lending products, but to be able to know which bank is most likely to accept them based on the information they provide. This can all be done without affecting customers’ credit score. The full solution will only apply to the banks that are already in partnership with the company making the increasing list even more valuable. The company is also looking to conduct a major marketing campaign to raise awareness among Canadians that such a service exists and is looking to sign on at least five more lenders by the end of 2017.
The company is soaring and quickly growing. JustCompare’s roller coaster ride has been nothing short of incredible and with its owners’ perseverance, experience, and loyalty to Canadians, the best part of the ride is yet to come.
Nilay advises that “for anyone looking to start their own business or is currently running one, as long as you believe in your product and keep knocking on doors you will succeed.”
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