What is Borrowell?
Founded in 2014 and headquartered in Toronto, Ontario, Canada, Borrowell operates as a financial consulting firm. It provides a suite of digital tools designed to empower consumers, including free credit score and report monitoring, automated credit coaching, and AI-driven recommendations for financial products. The company's mission is to democratize financial well-being by offering accessible and intelligent financial management solutions.
How much funding has Borrowell raised?
Borrowell has raised a total of $82M across 5 funding rounds:
Angel/Seed
$5.4M
Private Equity
$6.4M
Debt
$35.7M
Series A
$9.5M
Other Financing Round
$25M
Angel/Seed (2014): $5.4M with participation from Equitable Bank
Private Equity (2016): $6.4M led by Equitable Bank, Hedgewood, Power Financial Corporation, and Freycinet Investments
Debt (2017): $35.7M supported by FirstOntario Credit Union and Concentra
Series A (2017): $9.5M featuring FirstOntario Credit Union, Equitable Bank, White Star Capital, and Portag3 Ventures LP
Other Financing Round (2021): $25M backed by Portag3 Ventures, Kensington Capital Partners, Impact Engine, BDC Capital, NAventures, iA Financial Group, Equitable Bank, and White Star Capital
Key Investors in Borrowell
Portag3 Ventures
Portag3 Ventures is an early-stage investor focused on backing innovative global financial services companies. They are dedicated to benefiting consumers through their investments.
Kensington Capital Partners
Kensington Capital Partners specializes in wealth creation and providing access to high-quality investments, with a focus on North American businesses across private markets.
Equitable Bank
Equitable Bank is a full-service commercial bank in Canada, offering a range of financial products and services to individuals and businesses.
What's next for Borrowell?
The recent major strategic investment signals a pivotal stage for Borrowell, likely indicating a move towards scaling operations, enhancing its technological infrastructure, and potentially expanding its service offerings or market reach. This capital will be instrumental in solidifying its position as a leader in the Canadian fintech landscape, with a focus on leveraging data and AI to provide personalized financial guidance. The company's trajectory suggests a strong emphasis on product development and user acquisition to further its mission of improving financial literacy and access.
See full Borrowell company page
