Toronto’s Borrowell now serves more than two million Canadians members on its platform.
The announcement comes during Financial Literacy Month in Canada, as Borrowell continues its mission to educate and empower consumers to take control of their financial health. Borrowell is Canada’s leading financial marketplace and credit education company.
“At the heart of Borrowell’s mission is making financial prosperity possible for all Canadians,” said Andrew Graham, Borrowell’s co-founder and CEO.
“This has never been more important as consumers grapple with the economic shocks and personal impacts of the global pandemic. Our members value the simplicity with which we help them improve their financial well-being. As Borrowell continues to grow, we will launch more proprietary products and features to meet our members’ financial needs.”
“We plan on expanding our credit building solutions, including secured cards and credit building loans, to help credit-challenged individuals establish credit history and improve their long-term financial health. We will also continue to grow our marketplace of financial products from trusted lenders to help Canadians from all backgrounds gain access to affordable credit.”
In 2016, Borrowell became the first company in Canada to offer credit scores for free, through a partnership with Equifax Canada, and has since introduced additional free services such as weekly credit monitoring, personalized financial product recommendations, and digital tools like Molly, Canada’s first AI-powered personal credit coach.
To help Canadians reduce their levels of financial stress, Borrowell has invested heavily in machine learning to help its members make smart financial decisions related to their credit profile and specific goals.