The latest fintech startup to launch in Canada is Otter, a platform targeting self-employed professionals and independent business owners in Canada.
The Vancouver startup claims to combine three critical services—banking, accounting, and legal—into a single digital interface.
“With Otter, you have a dedicated banker, accountant and lawyer for you and your business at your fingertips,” a launch statement from the startup reads. “We help you save time and money that you can spend doing the things you love instead of managing your finances and business administration.”
The startup was founded by local fintech entrepreneur and investor Kevin Sandhu. He knows as well as anyone that being your own boss can be infinitely rewarding, but it can also come with a lot of headaches.
From dealing with taxes and balancing personal and business finances to keeping up with the endless paperwork that comes along with managing a company—these are just a few of the challenges that self-employed professionals and independent business owners experience every day across Canada, a pain point Sandhu is looking to solve through Otter.
The fintech says it is on a mission to make self-employment easier and “help turn passions into successful businesses.”
“With Otter, you get free business and personal banking in a single unified experience, fully automated taxes and bookkeeping, and even the ability to incorporate your business and handle all the paperwork that comes along with it,” the startup states. This includes a smart payments card with rewards and cash back.
The company is also aiming to make it easier for self-employed Canadians to secure homeownership loans.
“We’re also creating mortgages made specifically for self-employed Canadians and other business owners,” Otter said.
The platform is slated to launch later this year.