Borrowell, a Canadian Fintech firm that provides a safe way for Canadians to obtain three and five year fixed-rate loans at low interest, has raised $57 million in Series A funding round.
The capital infusion included $12 million in equity and $45 million in a new credit facilities. The equity portion was led by Portag3 Ventures, Equitable Bank, and White Star Capital. FirstOntario Credit Union and other new and existing investors also kicked in. To date, Borrowell has now raised $16.7 million equity capital. The new funding will help Borrowell continue to fuel their online lending platform while adding new products. Borrowell said they were making significant investments in data science and artificial intelligence to better predict and build the financial tools and products that consumers need.
“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,” commented Andrew Graham, co-founder, and CEO of Borrowell. “Over three hundred thousand Canadians have used Borrowell to learn their credit score or check their rate on a loan. This doesn’t include the many more we’ve served through our partnership with CIBC.”
Adam Felesky, President of Portag3 Ventures, said that Borrowell was essential to improving the well being of Canadians.
“With its groundbreaking technology, Borrowell is providing customers with access to products and services that otherwise would not be available to them,” said Felesky.
Borrowell has provided credit scores and loan quotes for over 300,000 Canadians. The credit scores are given away for free. Borrowell says they have found a solid demand for their products that are specifically designed to help people make better financial decisions.
“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.”