Binta is making it easier for newcomers to attain financial inclusion and housing

When Paschal Okwundu moved from Lagos to Vancouver for his MBA at the University of British Columbia (UBC), he was rejected by one landlord after another when applying to lease an apartment. It wasn’t because the engineering-graduate-turned-banking-professional lacked the credentials or proof of his ability to pay rent for the entire duration. He had yet to build up rental records or credit history in Canada, as he had just arrived in the country that week. It wasn’t until his seventh try that his lucky break came. The owner of the house that he would settle in took a chance on him only because she was a UBC alumni.

“At first, you think, ‘Okay, one landlord said no, that’s fine; maybe there is a better person vying for the accommodation,’” recounts Okwundu to the Vancouver Tech Journal. “‘But by the time you get rejected a fourth, fifth, and sixth time, you start to think maybe something is wrong with you. It was quite traumatizing, to say the least. Where I came from, it's easy to find housing if you have cash, but Vancouver was a different ballgame. I felt that sense of rejection, and maybe that this is not the place for me.’”

Over the next eight years, Okwundu would repeatedly witness the same experience. Many friends who moved to B.C. from other countries asked if he could be a guarantor after struggling to secure housing or a car on their own. Like him when he first moved, their credit history from their home countries didn’t carry weight, and there was no immediate way for them to establish one in Canada. As a result, some took on the burden of paying six months' rent upfront, while others had to purchase vehicles in cash, sometimes for over $30,000.

Okwundu believed that this problem shouldn't still be happening in Canada, a country that ranks among the seven most advanced economies in the world. Not seeing a solution for newcomers that combined education and practical tools, he decided to draw on his diverse experiences — from being a serial entrepreneur back home to his work in banking at RBC and BMO and tech management consulting at Slalom — to take on the challenge. That's when he founded Binta — a platform to help users build and maintain their financial identity and credit history, available in all 10 provinces.

Milestones and services

Launched in 2024, Binta has already gained significant momentum in its plans to promote greater financial inclusion for newcomers.

The company has raised pre-seed rounds from partner Tekedia Capital, graduated from the entrepreneurship@ubc and Fintech Cadence accelerators, and has been widely recognized for its impact. In September, the company was awarded the best innovative business of 2024 by the non-profit Black Business Association of British Columbia. More recently, it traveled to the Philippines and Indonesia last month, as part of the Team Canada Trade Mission — a government-led initiative that brings businesses to international markets to explore new opportunities, secure partnerships, and promote the country’s innovation.

Currently, Binta offers two services: rent reporting, where payments are processed, verified, and submitted to Equifax to improve credit scores, and financial literacy resources, which provide guidance on navigating the economic landscape in Canada. Some of the topics covered through seminars and webinars include financial regulations, best practices for growing credit, and budgeting tips.

“I've heard heart-wrenching stories of newcomers struggling financially despite doing well in their home countries,” shares Okwundu. “Because of the complex nature of the financial system, they ended up making poor decisions. So the work that we are doing at Binta goes beyond building a business. It goes beyond building a fintech company. It goes beyond the bling-bling and the bells and whistles of being a startup. We are very determined to be the circle for every newcomer coming into Canada.”

Soon, Binta will release more features. Through secured partnerships with international credit bureaus, banks, and its other channel partners, users will be able to access better housing opportunities and credit solutions. The company is also expanding its offerings through an intelligent assistant (Binta AI), which will offer users personalized guidance on a broad range of topics to help them successfully settle in Canada.

Advocating for accessibility 

Beyond its offerings, Binta has been actively championing its mission at the federal level to make its services more accessible.

In March, the founder had the opportunity to meet with members of the Ministry of Finance and share the work that he and his team have been doing. The conversation led to Binta being consulted on the government's open banking initiative, which aims to help consumers access more financial services by allowing banks and third-parties to share data with consent. 

When asked why a comprehensive solution like Binta had not existed until now, Okwundu explained that there are barriers tied to the problem it's solving.

“The reason why I believe somebody has yet to take the time to think about the end-to-end needs of a newcomer is because the first thing that comes to your mind is, ‘I need a house to rent, I need a job, I need to feed my family, I need to settle,’” he highlights. “Settling is your first goal. It's really hard to settle and, at the same time, fix a systemic problem as big as this. Why I had to do this was because I was privileged and lucky to have a great education from UBC. That brought me into an environment where I met some really good and smart people who were very willing to support me.”

The founder adds: “Having that ecosystem that provided guidance and encouragement of, ‘You can do this, we will support you,’ was a huge part of why I thought this was doable. And then, of course, having spent years in the banking profession in Africa and Canada, I understand the problem from different lenses. I know that this is a problem that the banks will not be able to address alone — at least not at the scale and depth that we are able to think and move on it.”

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