Borrowell’s acquisition of Refresh Financial






Emerging and High Growth Companies

Date Closed

February 2021



Lead Office



On December 15, 2020, Borrowell announced it is acquiring Refresh Financial. The acquisition will integrate Refresh into Borrowell, increasing the breadth and accessibility of Borrowell’s offering by providing its user base with a way to build credit history and access payment products. The transaction is also expected to double Borrowell’s revenue and number of employees.

Borrowell is a Toronto based Fintech company that provides customers with an online platform for free credit score and report monitoring, automated credit coaching tools, and AI-driven financial product recommendations.

Refresh Financial is a British Columbia based fintech focused on helping Canadians achieve access to affordable credit by providing credit building solutions and tools to sustain long term financial success.

Osler, Hoskin & Harcourt LLP advised Borrowell with a team consisting of Chad Bayne, Michael Grantmyre, Andrew Irwin, Chres Lee, Jeremy Lin, Shalu Atwal (Emerging and High Growth Companies), Brian Gray, Alexandra Alacchi (Corporate), Sandra Sbrocchi and Han Rui Cui (Corporate – Transactional Services), Christine Jackson, Thomas Peters, Lucas Versteegh (Commercial/Consumer Protection), Steven Dickie, Summer Danakas (Employment & Labour), Tommy Gelbman (Litigation), Kristin Ali (Privacy & Data Management), Dov Begun (Taxation) and Tim Mitchell (Research).