Toronto-based Borrowell completed $57 million in financing, consisting of $12 million (CAD) in equity funding and $45 million in new credit facilities. The Series A equity round is being led by Portag3 Ventures LP, Equitable Bank and White Star Capital, with participation by FirstOntario Credit Union and other new and existing investors. The credit facilities are being provided by Concentra and FirstOntario Credit Union, for the purpose of funding “one click” loans to prime consumers.
Borrowell is a Canadian technology company lender that offers fast, fair, and friendly personal loans, as well as free credit scores. Its fixed-rate, affordable loans provide Canadians with a smarter and cheaper way to access credit. According to the company, more than 300,000 Canadians have Borrowell accounts, with thousands more signing up each week.
“In just over the 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, in a statement announcing the funding. “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.”
Credit: borrowell.com
Borrowell started by offering smart borrowing solutions to manage consumer debt and has since expanded to help Canadians through free credit score monitoring and financial recommendations. The company has partnered with the Canadian Imperial Bank of Commerce (CIBC) to offer its customers co-branded CIBC/Borrowell personal loans. It also works with Equifax, one of the three largest consumer credit reporting agencies in America, to be the first in Canada to offer credit scores for free without filing a credit application.
Borrowell revealed that the funds will be used to continue to drive its mission of providing financial empowerment for consumers. It is making significant investments in data science and artificial intelligence to help the company build the financial tools and products that consumers will need to improve their financial well-being.