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Toronto-headquartered fintech Borrowell has raised $25 million in funding to complete the acquisition of Kelowna’s Refresh Financial and support future growth.
Borrowell is dedicated to making financial stability possible for everyone. The company offers free credit scores, education, and weekly credit monitoring, as well as innovative digital tools like personalized credit coaching and AI-powered financial product recommendations.
The acquisition doubles Borrowell’s revenue and employee base.
With over 1.5 million members, Borrowell is one of the largest fintech companies in Canada. Borrowell has won numerous awards, including being named one of the top 100 fintech companies in the world by KPMG, ranking 4th on the Deloitte Technology Fast 50™ list of fastest-growing companies in Canada, and making App Annie’s list of Breakout Finance Apps for 2019.
“This acquisition and fundraise allow us to double-down on our strategy of helping consumers achieve their financial goals,” said Andrew Graham, co-founder and CEO of Borrowell.
“With an expanded team across the country and a comprehensive suite of credit building solutions, we’re eager to help even more Canadians access credit products that meet their specific needs and maximize their long-term financial health. All Canadians deserve a fair shot at building credit history, accessing affordable credit, and reaching their financial goals. We believe Borrowell can help make that a reality.”
This brings Borrowell’s total equity financing to $55 million and accelerates the company’s mission to help Canadians build their credit, make smart financial decisions, and achieve financial stability.
Borrowell was named one of the Top 50 Best Workplaces in Canada (<100 employees), as well as one of the Best Workplaces for Mental Wellness, Women and Millennials, and is hiring.