Borrowell is a Toronto-based credit education company that offers free credit scores, educational content, weekly credit monitoring, personalized credit coaching and AI-powered financial product recommendations. The company raised $25M in a funding round that brings its total equity financing to $55M. Proceeds will be used to acquire Refresh Financial, a provider of credit to underserved Canadians, and to support future growth. The acquisition of Refresh Financial doubles Borrowell's revenue and employee base. Borrowell is led by co-founder and CEO Andrew Graham. The company combines consumer credit tools with digital product recommendations to expand its reach in underserved markets. Borrowell offers free credit score and report monitoring, automated credit coaching tools, and AI-driven financial product recommendations. Its AI credit coaching tool, Molly, gives users actions and insights to help improve their credit score and aggregates score, report and personalized recommendations in one place. The company recently released its AI-powered free credit monitoring app to the public after a soft launch; Molly’s beta recorded more than 36,000 downloads. Borrowell generates revenue through a loan service and referral fees when customers use its recommended products. It has partnered with 50 financial services, including major Canadian banks like CIBC, and reports more than one million users, calling itself Canada’s largest consumer fintech by user reach. Following the recent raise, the company plans to continue investing heavily in AI and machine learning. Based in Toronto, Borrowell offers free credit score monitoring, personal loans and tailored product recommendations to help Canadians make better credit decisions. The company has more than 300,000 account holders, with thousands signing up each week. Borrowell plans to use its new funding to expand credit education and scale lending, including ‘one click’ loans to prime consumers. It is making significant investments in data science and artificial intelligence to better predict needs and build financial tools. The business has expanded distribution through partnerships (including with CIBC) and focuses on improving consumer financial well‑being. The new capital will support growth of both its free information services and its loan offerings. Borrowell operates a wholly online platform that offers fast, fixed‑interest personal loans to Canadians as an alternative to high‑interest credit card debt. The company emphasizes a simple, online application that instantly provides personalized loan options to consumers with good credit. Since launching in March 2015, Borrowell has processed over $500 million in loan applications from thousands of Canadians. Borrowell positions itself as technology‑driven marketplace lender and is partnering with strategic investors to accelerate growth and adoption in the Canadian market. The company has attracted capital from financial and technology investors to expand its lending platform and market traction.

Total raised

$97M

Funding rounds

6

Latest round

Equity

Latest activity

Mar 2021