FintechWerx Acquiring Ruby Loans to Tap into ‘Significant Opportunity’

Vancouver’s FintechWerx International Software Services is acquiring the intellectual property and technology of a business lending platform.

The publicly traded Fintechwerx delivers automated onboarding, identity verification, payment solutions, trust and compliance tools, and data management services under one unified architecture.

The firm confirmed this week that it is set to acquire Ruby Loans, which streamlines the loan origination process by automating manual steps to prepare small business files for approval, for just under $1 million.

Fred Zdan, the founder of Rub Loans, says he developed the fintech “to simplify what has traditionally been a complex and time-consuming lending process for both borrowers and lenders.”

The acquisition of Ruby Loans “adds an important capability to our broader vision of building intelligent financial infrastructure,” according to George Hofsink, Chief Executive Officer of FintechWerx.

“Lending remains one of the most significant opportunities for financial institutions and lenders to improve efficiency, customer experience and decision-making,” explains Hofsink. “By bringing Ruby Loans into the FintechWerx ecosystem, we are adding proven loan origination technology that we believe can be further enhanced through our data, analytics, and AI initiatives.”

Zdan, who is in discussions to become chief executive officer of wholly-owned subsidiary FinanceWerx Solutions, believes that “joining FintechWerx creates an opportunity to accelerate [our] vision by combining our lending expertise with a broader financial technology platform.”

The transaction remains subject to the completion of customary conditions.

Earlier this year, FinanceWerx announced that it is collaborating with the British Columbia Institute of Technology on its Business Information Technology Management program.

BCIT’s BITMAN program prepares students to lead at the intersection of business and technology through hands-on, industry-driven learning that teaches skills in AI management, data analytics, enterprise systems, and digital strategy.

Tanner Brine, Program Head and Consulting Project Coordinator for BCIT, posited that FintechWerx “is an ideal partner to provide exposure to a range of subjects and scenarios that straddle much of BITMAN’s core curriculum centred on AI, data analysis, and enterprise systems.”