Borrowell partners with MX to help users manage their financial health

By Pavithra R

Borrowell, Canada’s leading credit education company, has announced that the company has selected MX, a leading digital transformation platform for banks, credit unions, FinTech and partners, as part of its effort to bring financial stability to Borrowell’s one million-plus users.

Almost 63% of Canadians feel stressed about paying bills due to COVID-19. With the goal of great credit in mind, Borrowell has launched a new bill tracking tool called Boost, exclusive to the Borrowell app. Boost provides the capability to predict upcoming bills, send low balance alerts, and provide cash advances on demand, and helps Canadians stay on top of their finances.

“By choosing MX, we’re choosing data-driven innovation to help more Canadians pay their bills on time, which in turn will help them build good credit and strengthen their financial health. We share that common vision of financial strength with MX, and through this partnership, we are excited to use MX’s platform of clean and enhanced data to help our members stay on top of their finances –needed now more than ever during the current pandemic,” said Andrew Graham, Cofounder and CEO of Borrowell.

Under the partnership, Borrowell will now use MX’s data cleansing platform to enhance its analysis of users’ past expenses in order to help them track and manage their financial behavior moving forward.

“Increasing clarity and transparency has been at the core of Borrowell’s philosophy while they pursue their mission to help people make great decisions about credit. With MX, Borrowell is giving its customers greater clarity into how they can become more financially strong as a means to increasing credit strength. It is exactly this kind of innovation, partnership and money experience that MX loves to enable through our powerful data platform,” said Nate Gardner, Chief Customer Officer, MX.

Founded in 2014, by Andrew Graham and Eva Wong, Borrowell is built with the mission to help people make great decisions about credit. The company offers free credit scores, education and monitoring, innovative digital tools like AI-powered credit coaching and personalised financial product recommendations. It has partnerships with CapitalOne, BMO, Scotiabank, EQ Bank, National Bank, Stnce, and American Express.

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