Borrowell completed its $57 million in financing, consisting of $12 million (CAD) in equity funding and $45 million in new credit facilities. The Series A equity round is being led by Portag3 Ventures LP, Equitable Bank and White Star Capital, with participation by FirstOntario Credit Union and other new and existing investors. The credit facilities are being provided by Concentra and FirstOntario Credit Union, for the purpose of funding “one click” loans to prime consumers.
Borrowell, headquartered in Toronto, Ontario, is a Canadian technology company lender that offers fast, fair, and friendly personal loans, as well as free credit scores.
Osler, Hoskin & Harcourt LLP acted for Borrowell with a team led by Chad Bayne that included David Jamieson and Andrew Irwin (Corporate), Rick Fullerton, Kashif Zaman and Jeremy Burgess (Banking & Financial Services) and Steven Dickie (Employment & Labour).