🔎 Spotlight #13: Inside Borrowell
Helping Canadians take control of their credit and financial future.
The founding story: making credit simple and accessible
Borrowell was founded in 2014 by Andrew Graham and Eva Wong in Toronto with a straightforward mission: give Canadians easier access to credit and tools to manage it responsibly. At the time, free credit scores weren’t widely available in Canada. Borrowell became one of the first companies to offer them, and it quickly grew into a platform for financial empowerment.
The vision was simple: financial products are often opaque, stressful, and tilted in favor of institutions. Borrowell wanted to give Canadians transparency, personalized recommendations, and digital tools to make better financial choices.
How does Borrowell work?
Borrowell is a financial marketplace (both website and app) designed to help Canadians understand and improve their credit while finding the right financial products for their needs.
Here’s what it offers today:
Free credit scores and reports: updated weekly so users can track their progress in real time.
Credit coaching: an AI-powered “Credit Coach” provides personalized tips to improve credit health.
Product recommendations: from credit cards and loans to mortgages and insurance, Borrowell matches users with options they’re more likely to qualify for.
One-stop marketplace: Canadians can compare, choose, and apply for financial products without bouncing between multiple providers.
The purpose is simple: make personal finance less intimidating and more transparent, while helping Canadians access products that fit their unique situation. I actually use Borrowell regularly to get my credit score and reports and understand where I can increase it or ultimately just do better.
What’s new in Borrowell’s world
Over the last few years, Borrowell has grown from being “the place to check your credit score” into a broader financial wellness platform. A few recent highlights:
Over 3 million Canadians now use Borrowell to manage their credit and finances
Expanded beyond free credit scores to include credit reports, personalized loan offers, credit cards, and mortgage referrals
Built tools like the Credit Coach and Financial Product Marketplace to help people improve their credit health and get matched to products that fit
Acquired Refresh Financial in 2021 to strengthen its credit-building solutions for Canadians who are new to credit or rebuilding their history
I think what’s notable here is how Borrowell has grown with its users. It’s not just about checking your score anymore; it’s about building long-term financial habits.
Funding and team at a glance
💰 Raised over $25M CAD Series C in 2021 to help acquire Refresh Financial
👥 Team of 100+ employees across Canada
🌎 HQ in Toronto, with a mission focused on Canadian consumers
🖥️ Website: borrowell.com
Carving out their space
Borrowell sits at the intersection of fintech and personal finance. Their edge has always been simplicity. Instead of being an overwhelming financial dashboard, Borrowell focuses on credit as the gateway to financial health. By making credit transparent and actionable, they’ve built trust with users who might otherwise avoid thinking about it.
The Refresh acquisition also made them stronger in the credit-building space, which is a real need in Canada. With many immigrants and younger Canadians struggling to establish credit, Borrowell has positioned itself as a friendly, accessible partner.
The competition and how Borrowell compares
Borrowell’s competitors include Credit Karma (now part of Intuit), ClearScore, and Canadian fintech peers like Mogo and KOHO. Each of these players offers some mix of credit monitoring and financial products.
Borrowell’s advantage lies in its Canada-first focus. Credit Karma and ClearScore have stronger brand recognition globally, but Borrowell has tailored its tools and partnerships specifically for Canadian consumers. That local depth, combined with its acquisition of Refresh Financial, helps it stand out.
Helping renters build credit
One of Borrowell’s most innovative moves has been tackling a gap that affects millions of Canadians: renters who struggle to build credit history. Traditionally, rent payments, often someone’s biggest monthly expense, don’t count toward credit scores.
Borrowell introduced a first-of-its-kind service last summer that lets renters report up to two years of past rent payments to the credit bureaus. By doing this, renters can finally turn consistent, on-time payments into a way to improve their credit profile.
This matters because credit scores unlock access to everything from lower-interest loans to better mortgage options. For younger Canadians and newcomers especially, the ability to build credit through rent can be a game changer. It’s a reminder that Borrowell isn’t just a financial marketplace, it’s actively reshaping the rules to make credit more fair and accessible.
My take
Borrowell has quietly become one of Canada’s fintech success stories. It may not have the flash of a Shopify or a Wealthsimple, but its impact is huge. Millions of Canadians now have access to free credit tools, personalized advice, and products that help them build a healthier financial future.
Personally, I like that Borrowell has stayed focused on solving a real pain point for everyday people. Credit can feel intimidating, and Borrowell has made it approachable. For a lot of Canadians, it’s the first step toward financial literacy and empowerment.
If you’re interested in fintech that has a direct and measurable impact on people’s lives, Borrowell is one of the most important Canadian companies to watch.
🧭 Borrowell Roles — Now Hiring
These are the open roles at Borrowell now, but leaning more towards the technical side of tech rather than the business side. However I encourage you to keep in tune with future LaunchPad job posts to see any new exciting roles that pop up at Borrowell and many other cool firms!
That’s a wrap on Spotlight #13
If you made it this far, thank you for reading! I hope these spotlights help you discover companies worth your time, and make the job hunt feel just a little bit less overwhelming. Keep an eye out for next Tuesday’s LaunchPad job drop, and if you know someone looking to break into tech or level up, feel free to share this with them too.
Here’s to building something cool, or better yet, joining something cool. 🚀
