Dream of ever owning a home has become increasingly challenging for young generations in Canada. Crippling student debt coupled with some of the highest living costs are some of the main contributing factor behind the housing crisis.
How can we leverage data and technology to address some of these challenges? Perch is a Toronto-based startup that is changing the game in simplifying homeownership for Canadians and helping them build wealth. Founded in 2018, using real-time data and innovative technology perch is making mortgages made easy for home buyers and owners.
Getting mortgage online is an incredibly messy and tedious process. Perch empowers the users to get the best rates, while maximizes their savings. According to Perch, users can save an average of $3,000 in mortgage interest per year. The company has a developed a true platform for home buyers and owners regardless of where they are in the home ownership path.
The inspiration behind Perch was to give users access to in-depth, personalized insights throughout all aspects of homeownership. “From buying, to mortgage renewals and refinancing I believe it’s important for everyone to make data-driven decisions instead of relying on a salesperson’s opinion.” said Alex Leduc, founder and CEO of Perch.
The company has had a significant traction in Canada with over $100 million in funded mortgages to date. They now have over 160 of the best real estate brokerages represented on Perch. Perch aims to be the preferred financing partner at the center of the real estate ecosystem.
“A model where the real estate agent, wealth advisor, mortgage broker and other related parties all can collaborate to help a client plan for a better outcome over their lifetime, rather than everyone working in a silo on a transactional basis. A system that proactively identifies and personalizes opportunities for clients, rather than boilerplate email campaigns. A process that is transparent and honest, rather than overly complicated and opaque. We want to build an environment where people who care about the client’s well being as much as we do can thrive, not just the parties who have the largest marketing budget.” said Alex Leduc, founder and CEO of Perch
In the latest fundraising round, Perch has secured $4 million in series A funding to further accelerate growth. The investors in this round include second Century Ventures, the Ontario Centre of Innovation, and B.E.S.T. Funds. The funding will enable Perch not only to bring more enhancements and new features but also continue its mission to make the mortgage application process as transparent and efficient as possible. Additionally, this also means that Perch is able to help aspiring home buyers in every touch point such as adding more experienced mortgage advisors to support the users.
“Perch is on a mission to simplify homeownership. We enable first-time home buyers to get into the market sooner and help homeowners to build wealth efficiently by leveraging home equity.” said Alex Leduc, founder and CEO of Perch. “With over $100 million in funded mortgages to date and thousands of users that have already joined Perch, this is clear evidence we’re on the right track. As we continue growing, our employees, investors and partners are all key to our success.”
With this new round of funding Perch continues to scale its platform and operation. Perch has had a year-over-year user growth of 130% and previously announced its $1 million seed round in October 2021. The platform is available in all provinces and territories across Canada.
