Borrowell secures $25 mn & completes Refresh Financial’s acquisition

By Pavithra R

Borrowell, Canada’s leading credit education company, has announced the completion of the acquisition of Refresh Financial, a leader in provides financial tools that help underserved Canadians gain long-term access to affordable forms of credit, and raised $25 mn in funding for the acquisition and to support future growth.

The new investment includes new investors Kensington Capital Partners, BDC Capital, iA Financial Group and Impact Engine. Borrowell’s existing investors, including Portag3 Ventures, White Star Capital, National Bank of Canada’s NAventures and Equitable Bank, also participated in the finance round.

“This acquisition and fundraise allow us to double-down on our strategy of helping consumers achieve their financial goals. With an expanded team across the country and a comprehensive suite of credit building solutions, we’re eager to help even more Canadians access credit products that meet their specific needs and maximize their long-term financial health. All Canadians deserve a fair shot at building credit history, accessing affordable credit, and reaching their financial goals. We believe Borrowell can help make that a reality,” said Andrew Graham, co-founder and CEO of Borrowell.

The financing brings Borrowell’s total equity financing to $55 mn and accelerates its mission to help Canadians build their credit, make smart financial decisions, and achieve financial stability.

“As the effects of the pandemic continue to be felt, many consumers across North America are looking for help improving their financial standing. Borrowell is exceptionally well-positioned to address this need, having seen usage of its products increase impressively over the past months. They’ve built strategic partnerships with Canada’s major financial institutions, and they leverage data-driven customer insights to develop solutions that place the financial health of Canadian consumers front-and-center. We look forward to helping this expanded Borrowell team accelerate their ongoing growth,” said Win Bear, Managing Director at Kensington Capital Partners.

“Through the pandemic, Borrowell has strengthened its core business model and found new ways to expand in the Canadian market through acquisition. With a strong, diverse leadership team, we believe the company is poised for further growth, and look forward to supporting their trajectory,” said Jack Fraser, Partner, BDC Capital.

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 personalized financial product recommendations. The acquisition doubles Borrowell’s employee base and revenue.