Fintech provider Borrowell has announced that it will be acquiring Refresh Financial, a fellow fintech aimed at helping underserved Canadians gain access to affordable credit.
Borrowell said that aside from essentially doubling its size in terms of revenue and workforce, the union will significantly improve the range and accessibility of its offerings. This expanded capability will be supported by Borrowell’s credit score and report monitoring, automated credit coaching tools, and AI-driven financial product recommendations.
Andrew Graham, co-founder and CEO of Borrowell, said that improving access to credit is particularly important in a time when many Canadians are forced to live paycheque-to-paycheque, amid mounting financial stress due to the COVID-19 pandemic.
“By integrating Refresh Financial’s products and team, Borrowell can provide more people with accessible loans and secured cards to help them manage their expenses, build their credit history and take their next steps towards financial stability,” Graham said.
“We know how critical a strong financial reputation is to Canadians in order to access affordable credit, and achieve life goals like buying a house or car,” said Michael Wendland, founder and CEO of Refresh Financial. “I know that as a combined organization, we can play an important role during these times in providing Canadians from all backgrounds with access to credit, helping them not only manage today but thrive tomorrow.”
The acquisition is expected to be completed in the first quarter of 2021.