Toronto-based credit education company, Borrowell, just announced that it reached more than a million users, and raised $20 million in Series B funding.
After its launch five years ago, Borrowell says it is now Canada’s largest fintech company and is the first to offer free credit monitoring.
The $20 million in funding comes from new and existing investors and consists of “equity and venture debt.” It includes investments from White Star Capital, Portag3 Ventures, and Clocktower Ventures.
“With financial services getting increasingly complex and changes like open banking on the horizon, we are exceptionally well-positioned to be at the heart of how consumers make financial decisions,” said Andrew Graham, Borrowell’s co-founder and CEO, in an emailed press release.
The company uses ‘big data’ and machine learning to help its customers. For instance, machine learning allows Borrowell to recommend the best product for its customers based on their specific credit profile and financial goals.