Marketplace lender Borrowell has raised $6.4 million.
The capital hails from Equitable Bank, along with Hedgewood, Power Financial Corporation and other investors. This investment brings total funds raised by the company to $11.8 million.
“We’ve helped Canadians across the country save thousands of dollars in credit card interest with our personal loans,” said Andrew Graham, Co-Founder and CEO, Borrowell.
Since launching in March 2015, Borrowell has processed over $500 million in loan applications from thousands of Canadians. The Toronto-born platform accepts applications from Canadians with good credit scores who want alternatives to credit cards and bank loans.
“We’re pleased with the traction Borrowell has gained in the Canadian market in such a short time,” said Andrew Moor, President and CEO, Equitable Bank.
According to a recent EY Report, Canadian adoption of fintech products is set to triple in 2016. These investments are paving the way for the future of borrowing and smarter choices for consumers.