Borrowell, a Toronto, Ontario, Canada-based financial technology company, secured CAD$12m in Series A funding and $45m in new credit facilities.
The Series A round, which brings the company’s total equity financing to $16.7m, was led by Portag3 Ventures LP, Equitable Bank and White Star Capital, with participation by FirstOntario Credit Union and other new and existing investors.
The credit facilities are being provided by Concentra and FirstOntario Credit Union.
The company intends to use the funds to continue to develop its tech platform, expand its operations and business reach.
Led by Andrew Graham, co-founder and CEO, Borrowell started by offering smart borrowing solutions to manage consumer debt and has then expanded to provide data science and artificial intelligence powered free credit score monitoring and financial recommendation tools.
More than 300,000 people currently use Borrowell.