It’s an exciting time at Borrowell, to say the least! Today we announced we’ve raised $57 million in a Series A round of funding as we expand our free credit score, loan offerings, and other financial products to help more Canadians just like you.
We’re proud to announce we’ve raised $12 million in equity funding and $45 million in new credit facilities. The equity round was led by Portag3 Ventures, Equitable Bank, and White Star Capital, with participation by FirstOntario Credit Union and other new and existing investors. This round of funding brings our total equity financing to $16.7 million.
“Fintech companies like Borrowell are essential to improving the well-being of Canadians,” said Adam Felesky, president of Portag3 Ventures. “With its groundbreaking technology, Borrowell is providing customers with access to products and services that otherwise would not be available to them.”
This new funding will allow us to expand our mission of helping Canadians make better decisions about credit.
“We’re excited about Borrowell’s ability to use data to generate deep consumer insights,” said Jean-François Marcoux, managing partner of White Star Capital. “We look forward to using our global network and resources to help Borrowell scale more quickly, both in Canada and abroad.”
It’s been nearly one year since we became the first company in Canada to offer free credit scores. We believe knowledge is power – and you should have the right to know your financial standing.
So far, we’ve provided credit scores and loan quotes for over 300,000 Canadians (if you don’t know your credit score, you can get it for free here). With consumer debt soaring to record levels, we’ve found a demand for our products that are specifically designed to empower people to make better financial decisions.
“In just over two years since our launch, we’ve experienced tremendous growth, centered around our mission of helping consumers make great decisions about credit,” said Andrew Graham, co-founder, and CEO of Borrowell. “Over three hundred thousand Canadians have used Borrowell to learn their credit score or check their rate on a loan. This doesn’t include the many more we’ve served through our partnership with CIBC.”
Borrowell is also making significant investments in data science and artificial intelligence to better predict and build the financial tools and products that consumers need – so stay tuned.
Want to know more about your financial standing? Check your free credit score here.