Woveo
A community savings platform that helps new Canadians build credit and better lives.
Our Impact
+5MUSERS
$2.3BNVALUATION
Value PropositionNamingBranding
THE CHALLENGE
When new immigrants arrive in Canada, the credit history from their home country does not carry over, and they’re forced to rebuild it from scratch. As a result, immigrants face limited access to quality banking products, like credit cards and small business loans, banking services, like TFSAs and RRSPs, puts them at a disadvantage to renting or purchasing a first home and leasing a car.
MIQ Financial, the Fintech Challenger, created a platform that formalizes informal community saving mechanisms common in new immigrant communities, and empowers them to build credit history in Canada.
Unfortunately, the name MIQ Financial failed to convey the team’s true impact, creating brand confusion and hindering their ability to make a significant difference.
Recognizing the need for transformation, they partnered with 5&Vine to undertake a comprehensive rebranding initiative. The objective was to develop a new name, value proposition, and brand identity that would resonate with immigrant communities and partner financial institutions.
The new name had to meet several criteria:
- Embody the essence of community, bridging cultural gaps
- Resonate across the diverse languages spoken by new Canadians
- Possess a pure .com URL without any prefix or suffix
- Enhance the organization’s credibility among customers and stakeholders in the financial and investment communities
Visually, the brand needed to differentiate itself from the traditional financial industry and celebrate the transformative power that emerges when individuals come together to earn credit.
OUR APPROACH
We embarked on a robust evaluation process, scrutinizing over 120 potential names that encapsulated the organization’s impactful mission while fulfilling the specified criteria.
We arrived at the name Woveo, inspired by the imagery of a woven tapestry. It symbolizes the interconnectedness and strength of informal communities uniting to forge a brighter financial future. Just as new Canadians build to the fabric of Canada, Woveo empowers them to fortify the financial fabric of their own communities.
To complement the name, we crafted a vibrant brand identity. Woveo’s colors to pay homage to the colors of currencies around the world purposefully blending with colors of Canadian notes. Our goal was to create an illusion through gradients that embodies the fusion of Canadian culture while honoring the richness of diverse origin countries.
In addition to the visual aspects, we developed a compelling Value Proposition to serve as a guide for the organization.
Woveo is a community savings platform that helps new Canadians build credit and better lives. Newcomers can connect and pool funds with trusted community members, and build credit with their repayment history.
Woveo also partners with Canada’s largest financial institutions, to advocate for new Canadians and expand the range of credit building opportunities and help them achieve their financial and life goals, including securing a home, car, credit card, small business loan, and more. We’re making credit invisible newcomers visible, and empowering them to thoughtfully establish financial roots in Canada.
THE OUTCOME
Today, Woveo stands as a unique fintech Challenger Brand, thoughtfully positioned to help new Canadians build not only better credit but also better lives. The brand has garnered significant recognition, with notable press coverage in the Financial Post, Globe and Mail, and CBC and continues to gain momentum.
As Woveo continues on its inspiring journey, we remain committed to supporting their mission and celebrating their ongoing achievements.
5&Vine was instrumental in transforming our brand into a Challenger with a strong sense of purpose. With a new name and brand, we are now standing out from established players, gaining recognition among our target audience, and accelerating customer growth. The impact has been incredible!
– Jonah Chininga, Founder & CEO, Woveo
Ready to challenge the
status quo and win?
👋 I'm Rahul, Founder and CMO at 5&Vine. Reach out to schedule an intro call about your marketing challenges and let's assess how 5&Vine can help your brand win.
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