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Lending & Credit | Toronto, ON | Founded: 2014| Employees: 60+ |


Last updated February 14. 2019 | To download a PDF version, click here


Company Overview

Borrowell is a Canadian-based Financial Technology (FinTech) company that functions as a financial product and services marketplace. Borrowell provides free credit monitoring and more than 850,000 Canadians have received their free credit score through Borrowell. The company makes personalized financial product recommendations based on members’ credit information to help customers improve their credit score and financial well-being. These recommendations include personal loans, mortgages, credit cards, and other financial products tailored to the unique goals and credit profile of each customer. Borrowell earns a referral fee on loans and financial products it does not issue itself. Borrowell recently launched “Credit Coach” to further help members improve their members’ credit health.

Senior Management

Andrew Graham: Co-Founder and CEO (2014-Present). Previously: Senior Director, Insurance, President’s Choice Financial (2012-2014); Senior Director, Corporate Development, George Weston Limited (2010-2012); Director, Corporate Development and Global M&A, Nortel (2008-2010); Director of Communications, Government of Canada (2003-2006). Education: MBA (2008), Harvard Business School; MA, Economics (2001), University of Edinburgh.

Eva Wong: Co-Founder and COO (2014-Present). Previously: Regional Lead, The Meeting House (2009-2014); Manager, OTF Group (2008-2009); Senior Manager, Global Business Development, Maple Leaf Foods Inc (2005-2008); Consultant, UNDP (2001-2004). Education: BCom, Queen’s University (2000); MA, Harvard University (2005).

Jeff Yim: VP, Finance (2017-present.) Previously: VP, Corporate Development and Finance, TeraGo Networks (2014-2017); VP, Investment Banking, National Bank Financial (2009-2014).

Larissa Holmes: VP, Talent (2017-present.) Previously: VP, Customer Development, WIRL (2016-2017); Senior Consultant, Human Capital, Deloitte Canada (2013-2016); Director, Operations and Development, Pride at Work (2012-2013).


Borrowell was founded in 2014 by Andrew Graham.[1] Andrew had previously worked at PC Financial, another alternative financial institution. While at PC, Andrew and his partners noticed an opportunity in the market to help clients refinance their debt at more manageable levels.[2] In 2014, Borrowell received the necessary seed funding to launch and has been able to provide low-interest loans to thousands of Canadians. As of 2019, Borrowell has over 850,000 members.[3]



  • December 2014: $5.4 million in seed funding from Equitable Bank, Oakwest Corporation Limited, as well as notable individual investors Roger Martin, John Bitove, and Dan Debow.[4]
  • February 2016: $6.4M in debt financing primarily from Equitable Bank, Hedgewood, and Power Financial Corporation for operating and loan capital.[5]
  • July 2017: $57M ($12M Series A/ $45M Credit Facilities) led by Portag3 Ventures, Equitable Bank, White Star Capital, and FirstOntario Credit Union to expand Borrowell’s credit and loan offerings.[6]


Key Corporate Developments

Press Releases: - section-recent-news-activity
June 20, 2016: Borrowell Partners with Equifax to Offer Canadians Free Access to Credit Score
October 27, 2016: Borrowell Partners with CIBC to Deliver “One-Click” Online Loans
January 24, 2018: Borrowell Launches Free Equifax Credit Report Monitoring
January 21, 2019: Borrowell Launches First Free AI Powered Credit Coaching Tool In Canada


Business Highlights


  • Acquisition – Borrowell uses free credit scores and credit reports to overcome the biggest hurdle for many financial technology companies: customer acquisition. By providing this service for free, users are incentivized to come to the platform to understand and improve their financial well-being.
  • Education – Borrowell’s mission is to help Canadians make great decisions about credit. On the blog, customers will find educational articles on various personal finance topics, including credit scores, personal Loans, credit cards, mortgages, and insurance.
  • Conversion – Once a customer receives their credit information, they will see financial product recommendations suited to their financial profile. Borrowell’s credit monitoring tool is completely free and the customer is under no obligation to take a product.
  • Transition – Borrowell began as an online lender and introduced free credit scores as a way to better serve a broader segment of consumers. Borrowell transitioned into a true platform with over 40 different financial partners, including nearly all of Canada’s big banks. 


  1. Credit Scores and Reports: Borrowell provides free credit scores to all users who come to the platform. Borrowell then makes tailored product recommendations for relevant financial products to drive revenue. [7]
  2. Personal Loans: Borrowell offers their own prime personal loan, as well as those issued by other firms. Rates are determined by the creditworthiness of the borrower. For loans that are not issued by Borrowell, the firm receives an undisclosed referral fee for connecting lenders and borrowers.[8]
  3. Credit Cards: Borrowell offers a variety of credit cards from different institutions. Rates are dependent on the institution. Borrowell receives a referral fee for connecting institutions and borrowers.[9]
  4. Mortgages: Borrowell works with trusted mortgage partners to help simplify the process and ease search costs. Borrowell receives an undisclosed referral fee for connecting institutions and borrowers.[10]



Borrowell leverages its online platform to source and provides its product online. The streamlined nature of the processes via the technology allows members the ability to access their own credit information securely online, and for loans to be processed quickly, cost-efficiently, and securely.


Borrowell relies on a strong distribution network of institutional lenders to source the funding for its loans. This network includes Equitable Bank, Oakwest Corporation Limited, Concentra Bank and First Ontario Credit Union.[11]



Borrowell receives exposure through social media channels such as Facebook, Twitter, and LinkedIn. In February 2018, the platform launched a television commercial campaign titled “Home Birth.”[12] Borrowell also maintains a presence at conferences such as LendIt Fintech USA.[13]



Borrowell competes with other Canadian-based online lending platforms:

  1. Lending Loop – (Toronto, ON) Lending Loop focuses on providing businesses accessible capital at fair rates.
  2. Mogo Finance Technology – (Vancouver, BC) Mogo provides easy-to-use affordable online banking services.
  3. Lendful Financial – (Vancouver, BC) Lendful’s platform offers quick and easy access loans at affordable rates.


Corporate Profile Created By: Dave Mirynech, Honours BA – MIT ’17, Ivey HBA ‘19
Dave Mirynech

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