This Borrowell company profile covers the company's valuation, revenue, funding rounds, investors and history. Borrowell works in fintech, with a focus on consumer credit and financial wellness. It was founded in 2014 and is headquartered in Toronto, Ontario, Canada. Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
| Metric | Value | As of | Source |
|---|---|---|---|
| Members | Over 1.5 million | February 2021 | Borrowell (via FinTech Futures) |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Feb 2021 | Equity round + acquisition | $25M equity, alongside the acquisition of Refresh Financial | Not disclosed | New: Kensington Capital Partners, BDC Capital, iA Financial Group, Impact Engine. Existing: Portag3 Ventures, White Star Capital, NAventures (National Bank), Equitable Bank | The Logic |
| Earlier | Series B | $20M (equity and venture debt) | Not disclosed | White Star Capital and Portag3 Ventures (co-leads); Clocktower Ventures, Argo Ventures, Silicon Valley Bank, Gaingels | BetaKit |
| Earlier | Series A + credit facilities | $57M package: $12M equity plus $45M credit facilities | Not disclosed | Equity: Portag3 Ventures, Equitable Bank, White Star Capital. Credit: Concentra, FirstOntario | BrainStation |
Borrowell timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2014 — Borrowell is founded in Toronto by Andrew Graham (CEO) and Eva Wong.
- Earlier — Series A + credit facilities: $57M package: $12M equity plus $45M credit facilities. Investors: Equity: Portag3 Ventures, Equitable Bank, White Star Capital. Credit: Concentra, FirstOntario.
- Earlier — Series B: $20M (equity and venture debt). Investors: White Star Capital and Portag3 Ventures (co-leads); Clocktower Ventures, Argo Ventures, Silicon Valley Bank, Gaingels.
- Feb 2021 — Equity round + acquisition: $25M equity, alongside the acquisition of Refresh Financial. Investors: New: Kensington Capital Partners, BDC Capital, iA Financial Group, Impact Engine. Existing: Portag3 Ventures, White Star Capital, NAventures (National Bank), Equitable Bank.
- February 2021 — Members: Over 1.5 million.
Investors
Overview
Borrowell is a Toronto fintech best known for giving Canadians free access to their credit score and credit report. It was one of the first companies in Canada to do this at scale, at a time when checking your own credit score usually meant paying a fee or ordering a report by mail. Around that free service, Borrowell has built recommendations for credit cards and loans, credit-building products and tools to help people improve their financial health.
Andrew Graham and Eva Wong founded Borrowell in 2014. Graham, who leads the company as CEO, had previously worked in financial services and saw how little visibility most Canadians had into their own credit.
How Borrowell makes money
Free credit scores aren't charity. They're the start of a business model that's common among consumer finance platforms:
- Referral and marketplace fees: when a member applies for and receives a credit card, loan or other financial product through Borrowell's recommendations, the lender or issuer pays Borrowell. Because Borrowell knows a member's credit profile, it can suggest products they're more likely to qualify for, which is valuable to both sides.
- Credit-building products: after acquiring Refresh Financial in 2021, Borrowell can offer products designed to help people with weak or limited credit build a positive history.
- Premium features: paid tools and services on top of the free offering.
The model depends on trust and scale. Members have to believe Borrowell is acting in their interest rather than just pushing products, and the platform needs a very large membership base to generate enough referrals.
Funding history
Borrowell's funding combines equity from venture investors and financial institutions with credit facilities, which is typical for fintechs that also lend.
Series A: a C$57 million package made up of $12 million in equity and $45 million in credit facilities. The equity was led by Portag3 Ventures, Equitable Bank and White Star Capital, and the credit facilities came from Concentra and FirstOntario Credit Union.
Series B: $20 million in a mix of equity and venture debt, co-led by White Star Capital and Portag3 Ventures, with Clocktower Ventures, Argo Ventures, Silicon Valley Bank and Gaingels participating. Borrowell said at the time that it had passed one million users.
February 2021: $25 million in new equity, announced alongside the completion of its acquisition of Refresh Financial, a Kelowna, B.C.-based company focused on credit improvement. New investors included Kensington Capital Partners, BDC Capital, iA Financial Group and Chicago-based impact fund Impact Engine. Existing investors Portag3 Ventures, White Star Capital, National Bank's NAventures and Equitable Bank also invested. Borrowell said it had more than 1.5 million members.
The exact dates of the Series A and B aren't given in the sources we used, so we show them as "earlier" in the table rather than guessing.
The Refresh Financial acquisition
Buying Refresh Financial was a strategic step. Many Canadians who check their credit score discover it's lower than they'd like, and the natural next question is how to improve it. Refresh specialised in products that help people build or rebuild credit. Combining the two lets Borrowell serve members across the whole journey: understand your credit, improve it, then qualify for better products. It's a good example of a fintech using an acquisition to add a product line rather than building it from scratch. See our guide to add-on acquisitions.
Revenue: what's public
Borrowell hasn't published its revenue or valuation, and we haven't found reliable company-reported figures. Its revenue depends on membership size, how many members take up recommended products, the fees lenders pay, and its own credit-building products. Credit marketplaces are sensitive to the lending cycle: when interest rates rise or lenders tighten approvals, fewer applications succeed and referral revenue can fall.
Competitive landscape
Borrowell competes with several kinds of players:
- Other free credit score platforms in Canada.
- Banks, many of which now show customers their credit scores inside banking apps.
- Credit bureaus offering direct-to-consumer products.
- Personal finance comparison sites that earn referral fees.
Its advantages are a large, engaged membership base, a long track record and the added credit-building products. The biggest risk is that banks make free credit monitoring a standard feature, reducing the reason for consumers to use a separate app.
The Portag3 connection
Portag3 Ventures, a fintech investor connected to Power Corporation of Canada, appears in Borrowell's early rounds. The same group of investors has backed several of Canada's best-known fintechs, including Wealthsimple and, through Portage, KOHO and nesto. It's a good illustration of how a small number of strategic investors shape a country's fintech sector.
What to watch next
Key signals include growth in membership, new credit-building and lending products, partnerships with banks and lenders, and any move under Canada's evolving open banking framework, which could make it easier for platforms like Borrowell to use consumers' banking data, with consent, to offer better advice. A new funding round, acquisition or sale would also reveal how investors now value Canadian consumer fintech marketplaces.
Key facts at a glance
Borrowell is a Toronto fintech founded in 2014 by Andrew Graham and Eva Wong that offers free credit scores and reports, product recommendations and credit-building tools. Its funding includes a Series A package of $12 million equity and $45 million in credit, a $20 million Series B, and $25 million in equity in 2021 alongside the acquisition of Refresh Financial. It had more than 1.5 million members in 2021.
What this means if you're…
Selling to Borrowell: a consumer fintech with a large member base and lending products buys data and analytics, fraud prevention, compliance tooling and marketing technology.
A lender or card issuer: platforms like Borrowell can be an efficient acquisition channel because they match products to members' credit profiles. Compare cost per funded account with your other channels.
A fintech founder: Borrowell's mix of equity and credit facilities is a model for funding a lending business. Our guides to venture debt and revenue-based financing explain the trade-offs.
Latest developments (October 2026)
Borrowell marked its tenth anniversary in June 2026 and said it now has four million members, according to chief executive Andrew Graham in Fintech.ca. It continues to offer free credit scores and monitoring in Canada and earns referral fees from financial product partners. No new funding or valuation has been disclosed.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Borrowell do?
Borrowell is a fintech / consumer credit and financial wellness company headquartered in Toronto, Ontario, Canada. It was founded in 2014.
What is Borrowell's valuation?
Borrowell has not publicly disclosed a valuation in the sources we track.
How much revenue does Borrowell make?
Borrowell is a private company and has not publicly disclosed its revenue. Figures on third-party sites are usually modelled estimates rather than numbers reported by the company.
What was Borrowell's latest funding round?
The most recent financing we have verified is a equity round + acquisition in Feb 2021: $25M equity, alongside the acquisition of Refresh Financial. Source: The Logic.
Who are Borrowell's investors?
Investors named in public announcements include Portag3 Ventures, White Star Capital, Equitable Bank, NAventures, Kensington Capital Partners, BDC Capital, iA Financial Group, Impact Engine, Clocktower Ventures, Argo Ventures and Gaingels.
Who founded Borrowell?
Borrowell was founded in 2014 by Andrew Graham (CEO) and Eva Wong.
Is Borrowell a public company?
No. Borrowell is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Borrowell headquartered?
Borrowell is headquartered in Toronto, Ontario, Canada. See our guide to raising money in Canada for context on the Toronto startup ecosystem.