Woveo has developed a digital community wallet that leverages group rotating savings to help members improve financial well-being through credit building and short-term credit access. The platform targets non-prime and underserved banking customers and has worked with 23 communities, serving 18,000 members to date. Woveo reports a 100 percent repayment rate for its rotating savings model. The company was founded in 2020 and has raised $3.8 million to date. Management says recent regulatory changes lowering maximum allowable interest rates and Bank of Canada rate hikes have created opportunities for alternative credit solutions. Woveo plans to use new funding to accelerate customer acquisition and enhance its product offering while continuing to innovate in community banking.

Total raised

$2M

Funding rounds

1

Latest round

Seed

Latest activity

Dec 2023