Borrowell

lendingonline loans

FOUNDING YEAR: 2014
LOCATION: Canada
Last Update: 17/07/2020

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About

Who we areWere a fintech company thats building an exceptional team of high performing, yet humble individuals who believe Canadians deserve more choice when it comes to financial services.Put simply, were a fintech thats putting people first. A key goal for us is to achieve gender parity and a culturally diverse team. Currently, 47% of our team is made up of women and 37% were born outside of Canada. 24% of our team is aged 25 or younger and 24% is 35 or older.Were always on the lookout for passionate and driven people. If you think youd be a great fit at Borrowell, read on to learn more about us and how our business works!What we doWe help Canadians make great decisions about credit. We were the first company in Canada to offer credit scores for free, without applying for credit, and we currently have over 800,000 users.We recommend financial products such as personal loans, credit cards and mortgages based on our clients unique financial profile. We also offer educational tips and tools to help improve their credit score.We also created the Borrowell Loan an affordable, fixed-rate personal loan. The wholly online application instantly provides personal loan quotes to Canadians with good credit as an alternative to expensive credit card debt.We also have a ground-breaking partnership with CIBC, one of North Americas largest banks. We're backed by investors including White Star Capital, Portag3 Ventures, and Equitable Bank.Borrowell has received significant recognition, including being named to the Fintech 100, a list of the top 100 fintech companies globally compiled by KPMG, Fintech Startup of the Year at the 2018 Canadian Fintech and AI Awards, a finalist for International Innovator of the Year by LendIt, and a Great Place to Work in Canada.

MEDICI Analysis

Borrowell is an online marketplace lending platform.

Focus

PRODUCTS & SERVICES

Personal loans & credit scoring services

REVENUE MODEL

The revenue is generated from origination fee (~1-5% of your loan proceeds)

MAIN CLIENTS

Retail Borrowers

EXISTING PARTNERSHIPS

Equitable Bank and Oakwest Corporation

Traction

VALUATION / MARKET CAP:

$36 M in 2015

People

FOUNDERS

Eva Wong

Andrew Graham

Salim Naran

Scott Laitinen

BOARD MEMBERS AND ADVISORS

James Appleyard

NUMBER OF EMPLOYEES

51-200

INVESTORS:

Concentra Bank

Equitable Bank

FirstOntario Credit Union

Freycinet Ventures

Gaingels

Hedgewood

Portag3 Ventures

Power financial

Ryerson Futures

Silicon Valley Bank

White Star Capital

Momentum

FUNDED

YES

TOTAL FUNDING

$29.88 M

DATE OF LAST FUNDING

Jun 2019

TOTAL FUNDING COMMENT

Received $57m in debt & equity financing in July 2017

SEED & PRIOR FUNDING

$5.4 M

SEED CLOSED ON

Dec 2014

FUNDING SERIES

SERIES A  · $9.57 M  · Jul 2017

SERIES B  · $14.91 M  · Jun 2019

DEBT FUNDING

$35.89 M

LISTED

NO

COMMENT

The company was selected as fintech winner in the 4th Annual Canadian FinTech & AI Awards 2018.

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