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§ Private Profile · Toronto, Canada
Fintech company offering free credit scores, credit reports, and financial product recommendations for Canadian consumers.
Borrowell has raised $96.8M across 5 funding rounds.
Key people at Borrowell.
Borrowell has raised $96.8M in total across 5 funding rounds.
Borrowell is a Toronto-based financial technology company that provides Canadian consumers with free credit scores, comprehensive credit reports, and automated financial coaching tools. The platform utilizes artificial intelligence to analyze individual credit profiles and recommend tailored financial products, including savings accounts and personal loans. Rather than issuing financial products directly, the enterprise operates on a partnership model and generates its revenue primarily through referral fees. The organization has scaled its operations to serve over one million registered users and currently maintains a corporate workforce of 52 employees. Borrowell has secured $26.7 million in total equity funding, including a $20 million Series B round, backed by notable investors such as Equitable Bank, Portag3 Ventures, and White Star Capital. The consumer finance platform was officially founded in 2014 by co-founders Andrew Graham and Eva Wong.
Borrowell has raised $96.8M across 5 funding rounds. Most recently, it raised $20.0M Series C in February 2021.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Feb 1, 2021 | $20M Series C | — | 5eyes Ventures, Amazon Alexa Fund, BDC Venture Capital, Energy Impact Partners, Portage Ventures, Relay Ventures, White Star Capital, Dani Avitz, Ofer Zinger, TIM Jackson | Announced |
| Jun 1, 2019 | $15M Series B | White Star Capital, Portage | 5eyes Ventures, Portage Ventures, Dani Avitz, Ofer Zinger, Argo Ventures, Clocktower Technology Ventures, Chad Molleken, Silicon Valley Bank | Announced |
| Jul 21, 2017 | $45.4M Debt Financing | Andrew Moor IN Remembrance, Adam Felesky, Jean Francois Marcoux | Dave Schurman, C. Dir. | Announced |
| Jul 1, 2017 | $10M Series A | — | 5eyes Ventures, Portage Ventures, White Star Capital, Dani Avitz, Ofer Zinger | Announced |
| Feb 23, 2016 | $6.4M Venture Round | — | Adam Felesky, Andrew Moor IN Remembrance, Freycinet Investments, Hedgewood, Oakwest Corporation, Power Financial Corporation | Announced |
Borrowell is a Canadian fintech company that provides free credit scores, weekly monitoring, personalized credit-building tools, and a marketplace for financial products like loans and credit cards.[1][3][4] It serves over 3 million Canadian consumers, helping them understand and improve their credit health by offering insights, product comparisons from 75+ partners, and innovative features like AI-powered coaching and rent reporting.[1][6] Borrowell solves key problems in personal finance—such as limited access to credit data, opaque lending processes, and barriers to building credit history—through easy-to-use digital tools that promote informed decisions and financial stability.[1][2][4]
The company has shown strong growth momentum, expanding from a 2015 lending platform to a comprehensive credit ecosystem, reaching 3 million members by 2023, launching products like Credit Builder and Rent Advantage in 2022, and reporting past rent payments in 2024.[1] Acquisitions like Refresh Financial have added secured cards and credit-building loans, while integrations (e.g., CIBC's one-click loans) and AI enhancements drive user engagement and scalability.[2][4]
Borrowell was founded in 2014 by Andrew Graham and Eva Wong (also noted as Andrew Graham with partners in some accounts).[1][3] Graham drew from his experience at PC Financial, where he identified opportunities to help clients refinance debt at better rates, spotting a gap in accessible credit tools for Canadians.[3] The idea emerged from this insight into underserved prime lending and credit education needs.
Key milestones include launching as a lending platform in 2015, introducing free credit scores and a product marketplace in 2016, free monitoring in 2018, Credit Builder and Rent Advantage in 2022, and rent reporting in 2024—culminating in 3 million members by 2023.[1] Early traction came from free credit scores as a customer acquisition hook, transitioning from referrals to proprietary products, with seed funding enabling the pivot.[3]
Borrowell rides the fintech democratization wave, making credit data and tools accessible amid rising demand for financial wellness in Canada, where many lack free scores or rent-reporting options.[1][4][7] Timing aligns with post-pandemic shifts toward digital finance, AI adoption, and inclusive credit-building, fueled by market forces like open banking, alternative data, and underserved renters/prime borrowers.[2][3]
It influences Canada's ecosystem as a top fintech (e.g., BDC portfolio, global recognitions), lowering barriers via free services that feed into lending marketplaces, inspiring competitors, and partnering with banks like CIBC to hybridize fintech-tradfi models.[2][6] This positions Borrowell as a bridge between consumers and institutions, accelerating financial inclusion in a market projected for fintech growth.
Borrowell is poised to deepen AI integrations, expand credit-building (e.g., more rent/utility reporting), and leverage its 3M+ user base for advanced personalization amid open banking regulations.[1][2][4] Trends like AI adjudication, non-traditional data, and embedded finance will shape its path, potentially growing via acquisitions or international fintech plays.
Its influence may evolve toward full financial wellness platforms, blending education, tools, and products—empowering more Canadians to "feel confident about money," as its mission states, while sustaining momentum as a category leader.[1][6]
Borrowell has raised $96.8M in total across 5 funding rounds.
Borrowell's investors include 5eyes Ventures, Amazon Alexa Fund, BDC Venture Capital, Energy Impact Partners, Portage Ventures, Relay Ventures, White Star Capital, Dani Avitz, Ofer Zinger, Tim Jackson, Portage, Argo Ventures.
Key people at Borrowell.