What is Borrowell?
Founded in 2014 and headquartered in Toronto, Ontario, Borrowell offers a comprehensive suite of free credit score and report monitoring tools, alongside automated credit coaching and AI-driven financial product recommendations. The firm operates within the competitive financial technology landscape, aiming to empower consumers with greater control over their financial health. Its business model focuses on providing accessible tools and personalized insights, differentiating it in the market.
How much funding has Borrowell raised?
Borrowell has raised a total of $82M across 5 funding rounds:
Angel/Seed
$5.4M
Private Equity
$6.4M
Debt
$35.7M
Series A
$9.5M
Other Financing Round
$25M
Angel/Seed (2014): $5.4M with participation from Equitable Bank
Private Equity (2016): $6.4M led by Freycinet Investments, Equitable Bank, Hedgewood, and Power Financial Corporation
Debt (2017): $35.7M supported by FirstOntario Credit Union and Concentra
Series A (2017): $9.5M featuring FirstOntario Credit Union, White Star Capital, Portag3 Ventures LP, and Equitable Bank
Other Financing Round (2021): $25M backed by White Star Capital, Kensington Capital Partners, NAventures, iA Financial Group, BDC Capital, Portag3 Ventures, Equitable Bank, and Impact Engine
Key Investors in Borrowell
FirstOntario Credit Union
FirstOntario Credit Union, established in 1939, provides a range of financial services including personal accounts, credit cards, and investment solutions. They are based in Stoney Creek, Ontario, Canada.
Equitable Bank
Equitable Bank, a full-service commercial bank in Canada and a subsidiary of Equitable Group, is headquartered in Toronto, Ontario.
Portag3 Ventures LP
Portag3 Ventures is an early-stage investor focused on innovative global financial services companies, aiming to benefit consumers. Founded in 2016, it is headquartered in Toronto, Ontario.
What's next for Borrowell?
The recent major strategic investment signals a new phase of growth for Borrowell. This capital is likely to be deployed towards enhancing its AI capabilities, expanding its product offerings, and potentially broadening its market reach. The company's focus on credit health and financial wellness positions it well to capitalize on increasing consumer demand for personalized financial guidance. Future developments may include strategic partnerships and further technological advancements to solidify its standing as a leader in the Canadian fintech industry.
See full Borrowell company page
