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Overview
Borrowell helps Canadians manage their finances by providing free credit scores and personalized recommendations for financial products. The service analyzes a user’s credit profile and compares offerings from more than 50 financial institutions to suggest suitable loans, mortgages, credit cards, and other products. It earns referral fees when users act on these recommendations, and it also offers credit-education resources and practical tips to help users improve their credit and reach financial goals. This combination of free credit information, tailored product matching, and ongoing financial guidance sets it apart in the Canadian fintech space. The company’s goal is to help everyday Canadians make informed financial decisions and build better credit over time.
About Borrowell
Industries
Data & Analytics
Fintech
Financial Services
Company Size
51-200
Company Stage
Late Stage VC
Total Funding
$108.5M
Headquarters
Toronto, Canada
Founded
2014
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Simplify's Take
What believers are saying
- Borrowell claimed four million members and 87 million credit-score points gained on June 1, 2026.
- Rent Advantage average scores rose 32 points in seven months, boosting conversion and retention.
- Borrowell added BMO and Crave in October 2025, proving top-bank distribution remains accessible.
What critics are saying
- Equifax-only reporting limits Rent Advantage; TransUnion-heavy lenders ignore Borrowell’s credit-building data.
- BMO and Crave promotions expire February 27, 2026, exposing dependence on partner-funded acquisition.
- Free-score commoditization and 233-competitor partner marketplaces compress referral fees; Borrowell loses if lenders bypass it.
What makes Borrowell unique
- Borrowell launched free credit scores in Canada in 2016, attracting four million members by June 2026.
- Borrowell’s Rent Advantage reports up to 24 months of rent history to Equifax Canada.
- Borrowell partners with 75+ financial institutions, spanning BMO, loans, mortgages, and credit cards.
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Funding
Total Funding
$108.5M
Above
Industry Average
Funded Over
7 Rounds
Benefits
Health Insurance
Dental Insurance
Vision Insurance
Mental Health Support
Flexible Work Hours
Remote Work Options
Parental Leave
Home Office Stipend
Professional Development Budget
Growth & Insights and Company News
6 month growth
↑ 0%1 year growth
↓ -1%2 year growth
↑ 0%Fig, a subsidiary of Fairstone Bank, initially launched through partnerships with companies like Borrowell
In 2022, Borrowell launched its Rent Advantage program, the first service in Canada helping renters build credit history by reporting timely rent payments without landlord involvement to Equifax Canada.
Borrowell collaborates with BMO and Visa To offer an exclusive $100 Uber gift Card perk.
Borrowell collaborates with BMO and Visa to offer an exclusive $100 Uber gift Card perk.
“Royal York Property Management is excited to work with Borrowell to enable renters in Canada to report their rental contributions while expanding the completeness of its payment history data.
Borrowell is Hiring for 4 Jobs on Simplify!
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About Borrowell
Industries
Data & Analytics
Fintech
Financial Services
Company Size
51-200
Company Stage
Late Stage VC
Total Funding
$108.5M
Headquarters
Toronto, Canada
Founded
2014
Borrowell is Hiring for 4 Jobs on Simplify!
Find jobs on Simplify and start your career today