Flota is a seed stage company disrupting the payday loan market. We provide no-interest loans to Canadians who have poor or no credit history. We use alternative data in our credit scoring systems to approve Canadians who are overlooked by banks for traditional credit products.
Problem:
8 million Canadians are living paycheck to paycheck and barely have enough money saved up for an emergency. Most of these Canadians are credit invisible and can’t access even basic credit cards. To survive they are paying more than $700 a year in overdraft fees or borrowing from payday lenders, which charge APRs north of 400%.
Solution:
Our idea came from a question - could we use modern technology to identify and offer these vulnerable Canadians a path to better credit? We think so, and we’re proving it. Our first product is a small dollar loan product that provides shift workers early wage access of up to $250 for a low fee of $8 month. The subscription also covers other features such as a unique gig list, financial coaching, budget and savings tools and more. You can learn more at tryflota.com
Why now?
There is a pending recession based on a surplus of cash handed out. Research suggests that to continue living the lifestyle people have with such high inflation and interest, many will turn to borrowing. A prime example is that credit card borrowing went up in the 2008 financial crisis while people chose to default on their mortgages. People need money for day to day and immigration continues to be the lifeblood of Canada's growth. Technologies have improved allowing us to better detect, underwrite, and lend to users. Much of this is being proven out in the US and UK today but due to the oligopoly of banks in Canada, innovation lags here.People have become more familiar with online lending thanks to ecommerce growth during COVID.
By joining Flota, you’ll have a measurable impact on hundreds of thousands marginalized Canadians helping them break out of the debt spiral, build their credit score, and become better off financially. Our goal is to impact 500,000 Canadians by 2025.
Flota is growing and we need a Head of Operations. You’ll play a strategic and operational role helping our business move forward. In due time, we hope that you can be a COO, and potentially a cofounder.
Your primary focus will be on our current product, working alongside the founders. Your goal will be to improve on our processes around loan management, payments, recovery, and customer experience and success. You will lead a small team of business analysts to support in these initiatives, and eventually have the data science and product teams reporting in to you. Part of your role will also include marketing/growth, product management, risk, and customer success. This is a very generalist role we are looking to cover.
You’ll work closely with product, data science, and engineering team to determine areas of vulnerability and secure them, automate processes, and find and implement 3rd party solutions to increase efficiency.