Borrowell Bounces Back

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.
Back in the game: Borrowell laid off about 20% off their staff in April 2020 due to COVID.

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.”