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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 celebrated 87 million cumulative score points gained and a June 2026 giveaway.
- Rent Advantage shows 32-point average gains in seven months, boosting conversion and retention.
- Equifax Cloud migration in March 2026 improved matching speed and application completion rates.
What critics are saying
- Quebec class-action claims unauthorized Equifax file access through Borrowell since May 20, 2024.
- Borrowell depends on Equifax and partner referrals; any bureau or lender pullback hits revenue.
- Paid upsells dominate, so users churn when credit improves and free monitoring suffices.
What makes Borrowell unique
- Borrowell still offers free weekly Equifax scores, winning four million Canadian members by 2026.
- Rent Advantage reports 24 months of past rent without landlord approval, uniquely useful.
- Equifax called Borrowell one of its largest partners after migrating products to Equifax Cloud.
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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
↓ -1%1 year growth
↓ -3%2 year growth
↓ -3%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 3 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 3 Jobs on Simplify!
Find jobs on Simplify and start your career today