Borrowell raises $25 million
Borrowell has raised $25 million from new investors Kensington Capital Partners, BDC Capital, iA Financial Group, and Impact Engine, as well as existing investors Portag3 Ventures, White Star Capital, National Bank of Canada’s NAventures, and Equitable Bank.
Founded in 2014, the Canadian company offers free credit scores, education, and weekly credit monitoring, as well as digital tools like personalized credit coaching and AI-powered financial product recommendations, which include insurance. The company counts over 1.5 million members.
“This acquisition and fundraise allow us to double-down on our strategy of helping consumers achieve their financial goals. With an expanded team across the country and a comprehensive suite of credit building solutions, we’re eager to help even more Canadians access credit products that meet their specific needs and maximize their long-term financial health. All Canadians deserve a fair shot at building credit history, accessing affordable credit, and reaching their financial goals. We believe Borrowell can help make that a reality.” – Andrew Graham, co-founder and CEO of Borrowell.
“As the effects of the pandemic continue to be felt, many consumers across North America are looking for help improving their financial standing. Borrowell is exceptionally well-positioned to address this need, having seen usage of its products increase impressively over the past months. They’ve built strategic partnerships with Canada’s major financial institutions, and they leverage data-driven customer insights to develop solutions that place the financial health of Canadian consumers front-and-center. We look forward to helping this expanded Borrowell team accelerate their ongoing growth.” – Win Bear, Managing Director at Kensington Capital Partners.
“Borrowell has already demonstrated its ability to help its diverse customer base improve credit scores through credit transparency, education and access to financial products. We invested in the company with a belief that the acquisition and expansion of proprietary products will enable even greater financial mobility for its customers by providing a broader suite of products and services that meet the diverse needs of each user.” – Priya Parish, Managing Partner with Impact Engine.