Borrowell is primed to dominate the financial technology industry through its digital platform.
$57 million raised
20+ million customers
The Toronto-based startup offers Canadians free credit monitoring and better alternatives to access credit.
Borrowell, founded in 2014 by Andrew Graham and Eva Wong, is one of Canada’s leading credit education companies. The Canadian fintech startup provides Canadians with better borrowing rates by customizing a user’s interest rates based on their credit history and up-to-date financial recommendations.
Since launching, the company has processed more than $500 million in loan applications, partnered with credit reporting agency Equifax to provide Canadians with free access to their credit reports and joined forces with CIBC, one of the country’s largest banks, to let its clients access credit scores through the CIBC mobile banking app.
The company’s impact in the country’s credit monitoring industry is only expected to grow, Canadian households owe approximately $1.9 trillion in personal debt. As of this year Borrowell has provided credit information to nearly half a million Canadians by relying on sophisticated security measures including bank-level encryption to ensure the safety and security of consumers’ credit information.