{"id":86559,"date":"2017-07-21T09:42:09","date_gmt":"2017-07-21T13:42:09","guid":{"rendered":"https:\/\/techvibes.com\/?p=86559"},"modified":"2017-07-21T09:42:22","modified_gmt":"2017-07-21T13:42:22","slug":"borrowell-raises-57-million-in-new-funding","status":"publish","type":"magazine","link":"https:\/\/brainstation.io\/magazine\/borrowell-raises-57-million-in-new-funding","title":{"rendered":"Borrowell Raises $57 Million in New Funding"},"content":{"rendered":"<p><a href=\"https:\/\/www.borrowell.com\">Borrowell<\/a> announced today that the company\u00a0has raised $57 million CAD.<\/p>\n<p>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\u2019s total equity financing to $16.7 million.<\/p>\n<p>New credit facilities are being provided by Concentra and FirstOntario to aid prime consumers in accessing \u201cone-click\u201d loans. In addition, this new funding will help Borrowell provide their specially developed loans and signature free credit information to more people than ever.<\/p>\n<p>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.<\/p>\n<p>&#8220;In just over two years since our launch, we&#8217;ve experienced tremendous growth, centered around our mission of helping consumers make great decisions about credit,&#8221; said Andrew Graham, co-founder and CEO of Borrowell.<\/p>\n<p>\u201cWe\u2019re excited about Borrowell\u2019s ability to use data to generate deep consumer insights,\u201d said Jean-Fran\u00e7ois Marcoux, managing partner of White Star Capital. \u201cWe look forward to using our global network and resources to help Borrowell scale more quickly, both in Canada and abroad.\u201d<\/p>\n<p>The new investments will fuel Borrowell\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Borrowell announced today that the company\u00a0has 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 [&hellip;]<\/p>\n","protected":false},"author":76244,"featured_media":0,"menu_order":0,"template":"","meta":{"_acf_changed":false,"footnotes":""},"categories":[13],"tags":[775,778,107,776,777],"magazine-region":[],"magazine-series":[],"magazine-topic":[],"class_list":["post-86559","magazine","type-magazine","status-publish","hentry","category-News","tag-borrowell","tag-credit","tag-fintech","tag-portag3","tag-white-star-capital"],"acf":[],"_links":{"self":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine\/86559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine"}],"about":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/types\/magazine"}],"author":[{"embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/users\/76244"}],"version-history":[{"count":0,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine\/86559\/revisions"}],"wp:attachment":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/media?parent=86559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/categories?post=86559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/tags?post=86559"},{"taxonomy":"magazine-region","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-region?post=86559"},{"taxonomy":"magazine-series","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-series?post=86559"},{"taxonomy":"magazine-topic","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-topic?post=86559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}