Fraction Technologies Inc., a Vancouvder, BC- and San Francisco, CA-based digital platform that provides socially conscious financial solutions, raised C$289m in a combination of equity and debt financing.
Backers included Impression Ventures, Primetime Partners, Global Founders Capital, and Panache Ventures, among others.
The company intends to use the funds to launch in Canada, expand its team and technology platform, and prepare for its launch in the U.S.
Co-founded by Hayden James, CEO, Rayan Rafay, COO/CFO, and Josh Baker, CTO, Fraction offers a digital platform that provides socially conscious financial solutions. Its flagship product, the Fraction Appreciation Mortgage, enables homeowners to increase their income or cover unexpected expenses. In contrast to products such as home equity loans or traditional mortgages, the Fraction Appreciation Mortgage has no monthly payments, and instead offers an interest rate payable upon the sale of the home, or when the homeowner decides not to renew.