Toronto Financial Tech Borrowell Secures $12m in Funding

Borrowell raised $12m Canadian in funding , this is on top of $4.2m they have already received.

Financing was provided by Portag3 Ventures LP, Equitable Bank and White Star Capital, with participation by FirstOntario Credit Union among others.

Borrowell is a Canadian fintech lender that offers fast, fair, and friendly personal loans, and credit scores for free. Its affordable, fixed-rate loans give Canadians a smarter way to access credit.

A wholly online application instantly provides personalized loan quotes to Canadians with good credit who want better alternatives to expensive credit card debt.

Andrew Graham, co-founder of Borrowell said:


 

The funding and credit will be directed towards increased marketing and providing more loans, as well as credit score monitoring. We’ve reached about 300,000 Canadians with our business, and we’re really looking to scale that number… we’re also continuously evolving our technology and making it better. That includes increasingly applying artificial intelligence in its technology.

One of the cool features of Borrowell? You can learn your credit score for free: