1. What led you to start Padder? Was there a moment when you realised the rental system was broken?
Yeah, funny enough, I am actually a renter and a landlord.
When I was renting out a unit, one of my first tenants was a social media influencer: she had inconsistent income, no pay stubs, and no credit, but a bank balance that could cover years’ worth of rent. Within minutes of meeting her, it was obvious she would be a great tenant.
We bonded over how hard it was for her to find a rental in Toronto, which left me thinking there must be a better way to underwrite rental applicants. It didn’t take long to realize there were products for this in the US, but none had ever really gained momentum in Canada.
Creators, self-employed professionals, newcomers, contract and gig workers. That group grows every year, and landlords’ screening practices have not changed. Padder exists to close that gap without asking landlords to carry that risk themselves.
2. You serve both renters and landlords. What was the biggest surprise about what each side actually wanted?
The landlord side surprised us most. We assumed we’d have to convince them to take a chance on unconventional applicants. The opposite was true; they want to sign these leases. They meet an applicant and know within minutes that this person will be a great renter, but the file doesn’t fit their leasing criteria, so their hands are tied. Landlords are good at providing quality housing. That’s the business they want to be in, not underwriting. The moment you let them shift that risk to an insurance product, they say yes to tenants they always wanted to say yes to.
On the renter side, two things surprised us. Firstly, over 60% of Canadian renters spend more than the recommended 30% of their income on rent, and about a third spend more than half. This isn’t a niche problem. Secondly, the lengths renters go to in order to prove they can afford the apartment: bank statements, prepayment of rent, begging family to co-sign. They just want an easier way to qualify for their new home.
3. What did winning the $100K fintech grant at Startupfest unlock that was not possible before?
Two things, really. The obvious one is speed. Insurance products don’t scale across Canada the way software does. Every new province means new policy wording, new regulatory work, new localization. The grant lets us fund that expansion across the country faster than we’d planned.
The less obvious one might matter more: awareness. The mission – making renting more accessible and affordable – is still in its infancy in Canada. Most landlords here have never heard of a lease guarantee product, and most renters don’t know this option exists. Winning at Startupfest puts a spotlight on the challenges renters face, not just on Padder.
4. What is next for Padder, and what are you most excited about?
We want every renter in Canada to have a fair shot at qualifying for and affording their next home. So the near-term focus is national expansion.
Beyond that, we’re deepening what we offer tenants across their housing experience. Access was the first barrier we tackled, but it isn’t the only one. Take deposits: renters are handing over thousands of dollars upfront, security and last month’s rent, before they’ve even moved in. That’s cash sitting idle that most people don’t have to spare, especially when over 60% are already stretched on rent. Padder Deposit replaces that upfront lump sum, and it’s a good example of where we’re headed: product by product, removing the barriers between renters and their homes.
And that’s what excites us most – the journey is still young. The gap between how people earn today and how they access housing is only widening. Padder aims to close it.
