Toronto’s Borrowell has raised $25 million to finance the acquisition of Refresh Financial.
- Per Betakit, investors include Kensington Capital Partners, BDC Capital, iA Financial Group and Impact Engine, Existing investors Portag3 Ventures, White Star Capital, NAventures and Equitable Bank.
It’s in the name: Borrowell helps people borrow well. They offer free credit scores, education, weekly credit monitoring, personalized credit coaching and AI-powered financial product recommendations to 1.5 million members.
- Refresh Financial helps people build better credit with secured savings loans and credit cards.
The combination with Refresh will double their headcount to 130, and double their revenue. CEO Andrew Graham is optimistic: “We’re getting back to very much where we were pre-COVID.”