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 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.
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).