Borrowell, a Toronto, Canada-based credit education company, raised $25m in funding.
The round includes new investors Kensington Capital Partners, BDC Capital, iA Financial Group and Impact Engine, a Chicago-based social impact-focused investment fund. Existing investors Portag3 Ventures, White Star Capital, National Bank of Canada’s NAventures and Equitable Bank also participated with new funding.
The funding, which brings total equity financing to $55m, will be used for the acquisition of Refresh Financial, a provider of credit to underserved Canadians, which doubles its revenue and employee base, and to support future growth.
Led by Andrew Graham, co-founder and CEO, Borrowell offers free credit scores, education, and weekly credit monitoring, as well as innovative digital tools like personalized credit coaching and AI-powered financial product recommendations.