The Banga Family and Bruce Simpson join QuadFi's mission of financial inclusion

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TORONTO, July 8, 2021 /PRNewswire/ - QuadFi CEO, Dr. Manny Nikjoo, today announced that the Banga Family and Bruce Simpson have made strategic investments in the Toronto-based fintech. Commenting on the development, Nikjoo said: "I am very pleased to announce the strategic investments of the Banga Family and Bruce Simpson in QuadFi. The promise of fintech was to fundamentally transform people's lives for the better. This requires technology, courage, and true disruption, on a global scale. The global perspective, scope, and experience of our new investors will be invaluable as we grow and expand our mission of financial inclusion."

Ms. Ritu Banga, investor, entrepreneur, and philanthropist, and wife of Ajay Banga, past CEO and current executive chairman of Mastercard Incorporated, has invested in QuadFi and will join the advisory board of the firm. In making this investment, Ritu Banga said: "QuadFi's mission of creating access and inclusion into the formal credit and financial system for recent immigrants who are deserving but find it difficult to get a toe-hold resonates with our family. We faced similar circumstances as first-generation immigrants to North America after decades of successful professional lives and high academic achievement. Coupled with their innovative use of AI/ML and existing personal financial data, QuadFi has been able to make high quality lending decisions, which we believe sets it up for success. I am delighted to be a part of this journey."

Mr. Bruce Simpson, CEO of the Stephen A. Schwarzman Foundation is also investing in QuadFi and joining its advisory board. Mr. Simpson is a former Managing Director of McKinsey Canada, ex-member of McKinsey's Global Board, and leader of their Operations and ESG practices. Bruce Simpson said: "This amazing company delivers on a major dimension of ESG in the 'S' dimension. 2021 is the 'year of S', when Covid and social inequality issues have exploded in our communities, and underlined important needs not well covered by the traditional banking system. Delivering financing to immigrants, students and others who would not otherwise receive it provides access to needed opportunities and opens doors to economic contribution. It is their passport to a better future."

Nikjoo added: "QuadFi was created by first-generation immigrants to address a challenge facing millions of people excluded from access to fair credit because of origin or age. Our model creates the space for fair lending practices – based on the borrower's future prospects, not just the past. I am thrilled that Bruce and Ritu are joining our company and we look forward to working with them to build new and more inclusive financial services."

About QuadFi

QuadFi uses alternative data from domestic and international sources and proprietary AI/ML modeling to provide immigrants and young people with affordable credit. The company is motivated by a mission to combat financial discrimination and replace outdated underwriting standards. QuadFi, proudly based in Toronto, Canada, is building a borderless financial future.

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SOURCE Quad-Fi Inc

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