Today, technology-driven marketplace lender and Canadian fintech leader Borrowell announced that Equitable Bank, along with Hedgewood, Power Financial Corporation and other investors, will invest $6.4 million of operating and loan capital in Borrowell’s platform.
This investment brings total funds raised by the company to $11.8 million.
“We’ve helped Canadians across the country save thousands of dollars in credit card interest with our personal loans,” said Andrew Graham, Co-Founder and CEO, Borrowell. “We’re thrilled to partner with strategic investors whose expertise spans technology, marketplace lending and consumer finance, and understand that the future of banking is changing rapidly.”
Since launching in March 2015, Borrowell has processed over $500 million in loan applications from thousands of Canadians.
“We’re pleased with the traction Borrowell has gained in the Canadian market in such a short time,” said Andrew Moor, President and CEO, Equitable Bank. “Canadians are embracing the benefits of better online options like Borrowell and our own EQ Bank.”
Continued investments from financial leaders in fintech companies will help accelerate traction in the Canadian market. According to a recent EY Report, Canadian adoption of fintech products could triple within the year. These investments are paving the way for the future of borrowing and smarter choices for consumers.
Other participating investors include Oakwest Corporation, a private investment company owned and managed by the Beutel family; Adam Felesky, founder and former CEO of Horizons ETFs; and Freycinet Investments, a fund that supports high-potential, knowledge-based businesses.