Canada-based Borrowell rakes in $57m

Canada-based Borrowell has nabbed $57m in its Series A funding round to help with its free credit score, loan offerings, and other financial products.

The round was split, with $12m coming from equity funding and $45m coming in the form of new credit facilities. This round of investment was led by Portag3 Ventures, Equitable Bank, and White Star Capital, with FirstOntario Credit Union, among others, taking part.

Borrowell is a personal loan platform, which within minutes helps customers take out a plan which they can afford. The platform also lets users get a free credit score check, with the information being kept securely and not shared without consent.

Borrowell co-founder and CEO Andrew Graham said, “In just over two years since our launch, we’ve experienced tremendous growth, centred around our mission of helping consumers make great decisions about credit.

“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.”

Equity investment into the company has reached $16.7m and total capital received by Borrowell has hit $68m.

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