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.