RBC expands into home renovation
June 8, 2019
RBC Ventures Inc., a subsidiary of Royal Bank of Canada (RBC), has bought Smart Reno, a service that connects consumers to renovation professionals and helps contractors develop leads.
Smart Reno is available in Ontario, Quebec and Alberta.
"RBC Ventures is moving beyond banking to create solutions that support Canadians. Now we're helping Canadians improve their homes," said Simon Maycock, vice president and head of home solutions, RBC Ventures. He noted that "Canadians spend nearly $80 billion a year on home renovation projects.”
The Smart Reno platform makes it easier to estimate renovation costs and request quotes from professional contractors, Maycock explained.
Consumers post their requirements, and Smart Reno provides free referrals to contractors who are qualified, available and interested in the project. This matching is optimized through a proprietary technology platform that identifies the best local contractors for a given project.
Contractors are selected from an exclusive network of thousands of highly-rated professionals that is monitored and maintained by Smart Reno. Only those contractors who receive consistent positive feedback remain in the network to receive ongoing opportunities to bid for business.
Smart Reno has also developed lead management software used by major home improvement retailers.
“After building and growing Smart Reno over the last seven years and achieving a leadership position in the markets in which we operate, joining RBC Ventures will allow Smart Reno to significantly improve how home renovations are done at scale across Canada," said Andrei Uglar, founder and CEO of Smart Reno.