Toronto-based financial technology company Borrowell has raised $20 million in a Series B financing.
The round, which consists of equity and venture debt, was led by Canadian venture capital firms White Star Capital and Portag3 Ventures, according to a report by the Globe and Mail.
Other investors included Clocktower Ventures, Argo Ventures, Silicon Valley Bank and Gaingels, a U.S. LGBT investment group. Borrowell was Gaingels’ first deal in Canada.
Founded in 2014 by CEO Andrew Graham and COO Eva Wong, Borrowell provides customers in Canada with a online platform for personal loans, financial recommendations and free credit monitoring services.
The round’s proceeds will be used for developing new products.
BLOG POST (reproduced courtesy of Borrowell)
Thanks a Million: Borrowell Officially Passes One Million Members
June 17, 2019
Today is an exciting day for all of us at Borrowell! We’re pleased to share that over a million people have signed up to Borrowell as members.
This is an important milestone. It means that one in every 25 adult Canadians uses our free credit monitoring service! By that measure, this makes Borrowell Canada’s largest fintech company.
Canadians want to know where they stand with their finances. Our team at Borrowell is passionate about helping them do just that with our free tools, personalized financial product recommendations and credit scores and reports. With financial services becoming increasingly complex, and changes like open banking on the horizon, we are exceptionally well-positioned to be at the heart of how consumers make financial decisions.
In addition to hitting one million members, we’re pleased to share we’ve received $20 million in Series B funding. This significant investment comes from new and existing investors and consists of equity and venture debt. Investors participating in the round include White Star Capital, Portag3 Ventures, Clocktower Ventures, Argo Ventures, Silicon Valley Bank, as well as Gaingels, an LGBT affinity investment group – marking the firm’s first investment in a Canadian company.
This investment will enable us to continue building and innovating on new products to help our customers reach their financial goals. We’ve recently introduced Molly, the Borrowell Credit Coach – Canada’s first AI-powered credit coaching tool. Molly provides personalized tips to help members improve their credit score, taking the guesswork out of credit improvement. The best way to check in with Molly? On Borrowell’s new mobile app (available on iOS and Android), of course!
That’s why we wanted to take this special moment and say thank you to our members and partners. Thanks for trusting us to provide your credit score – we couldn’t have accomplished any of this without you. Together, we can continue to improve the financial lives of people in Canada and beyond. So if you love Borrowell, tell a family member or friend. And if you haven’t already done so, we’d love for you to try out our mobile app!
By Andrew Graham, Co-Founder & Chief Executive Officer