Borrowell announced today that the company has raised $57 million CAD.
The Toronto-based company helps consumers become informed and make choices regarding their credit. The $57 million comes from $12 million in equity funding and $45 million in new credit facilities. This Series A equity funding round is led by Portag3 Ventures LP, Equitable Bank and White Star Capital. There was also participation from FirstOntario Credit Union and a few other new and existing investors, which brings the company’s total equity financing to $16.7 million.
New credit facilities are being provided by Concentra and FirstOntario to aid prime consumers in accessing “one-click” loans. In addition, this new funding will help Borrowell provide their specially developed loans and signature free credit information to more people than ever.
With consumer debt piling higher and higher Borrowell has seen increasing demand for their services. In total, over 300,000 Canadians have accounts with the credit and loan company.
“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.
“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.”
The new investments will fuel Borrowell’s vision of financial empowerment. The company began with smart money-borrowing solutions to manage growing consumer debt and has since grown to help many Canadians navigate the often confusing world of credit scores and financial recommendations. Funds will also go towards building data science and AI systems to better predict and craft financial tools that consumers will need to develop and build their financial prosperity.