Leading fintech Borrowell has announced that it has completed the acquisition of Refresh Financial, a provider of affordable and sustainable credit.
Additionally, Borrowell announced that it has doubled its revenue and employee base, raising $25 million in funding for the acquisition and for future growth prospects.
“This acquisition and fundraise allow us to double-down on our strategy of helping consumers achieve their financial goals,” said Andrew Graham, co-founder and CEO of Borrowell. “With an expanded team across the country and a comprehensive suite of credit building solutions, we’re eager to help even more Canadians access credit products that meet their specific needs and maximize their long-term financial health.”
The latest round of funding included new investors Kensington Capital Partners, BDC Capital, iA Financial Group, and the Chicago-based investment fund Impact Engine. Borrowell’s total equity financing now stands at $55 million.
“As the effects of the pandemic continue to be felt, many consumers across North America are looking for help improving their financial standing,” said Win Bear, managing director at Kensington Capital Partners. “Borrowell is exceptionally well-positioned to address this need, having seen usage of its products increase impressively over the past months. They’ve built strategic partnerships with Canada’s major financial institutions, and they leverage data-driven customer insights to develop solutions that place the financial health of Canadian consumers front-and-center.”
Impact Engine added that Borrowell’s track record of helping its diverse customer base made it ideal for further funding.
“We invested in the company with a belief that the acquisition and expansion of proprietary products will enable even greater financial mobility for its customers by providing a broader suite of products and services that meet the diverse needs of each user,” said Priya Parish, managing partner with Impact Engine.