Borrowell Now Serves Over 2 Million Canadians, as Financial Wellness Remains Top-of-Mind for Canadians During the Pandemic

A new milestone comes at a time when the rising cost of living and affordability remain major concerns for Canadians

TORONTO, Nov. 18, 2021 (GLOBE NEWSWIRE) – Borrowell, Canada’s leading financial marketplace and credit education company, announced today that more than two million Canadians are now members of its platform. The announcement comes during Financial Literacy Month in Canada as Borrowell continues its mission of educating and empowering consumers to take control of their financial health.

“At the heart of Borrowell’s mission is to bring financial prosperity to all Canadians,” said Andrew Graham, Co-Founder and CEO of Borrowell. “This has never been more important as consumers grapple with the economic shocks and personal effects of the global pandemic. Our members appreciate the ease with which we help them improve their financial well-being. As Borrowell continues to grow, we will introduce more proprietary products and features to meet the financial needs of our members. We plan to expand our credit building solutions, including secured credit cards and credit building loans, to help those with bad credit build their creditworthiness and improve their long-term financial health. We will also continue to expand our marketplace of financial products from trusted lenders to Canadians Provide access to affordable credit from all origins. ”

In 2016, Borrowell became the first company in Canada to offer free credit ratings through a partnership with Equifax Canada, and has since rolled out additional free services like weekly credit monitoring, personalized financial product recommendations, and digital tools like Molly, Canada’s first AI-powered personal Credit coach. To help Canadians reduce their financial stress, Borrowell has invested heavily in machine learning to help its members make smart financial decisions related to their credit profile and specific goals.

Financial pressures have been a major concern for many Canadians since the pandemic began, and the pandemic has highlighted the differences between different groups of Canadians. A study by Borrowell found that consumers with poor credit ratings had at least one missed payment on their credit report and were over 432 times more likely to pay a bill compared to consumers with excellent credit ratings. A recent study found that non-homeowners were more than twice as likely to pay a bill than homeowners, even though homeowners owe 20 times more debt than non-homeowners.

The story goes on

Consumer demand for financial instruments that reduce stress has never been greater. Borrowell’s partnership with Equifax Canada has helped many Canadians actively monitor and improve their creditworthiness during a turbulent time.

“Almost two years after the COVID-19 pandemic, Canadians continue to evaluate the health of their finances. As a trusted Borrowell partner, we want to help Canadians perform their best financially, ”said Sue Hutchison, President and General Manager of Equifax Canada. “In a recent consumer survey by Equifax for Financial Literacy Month, we found that 64 percent of consumers reviewed their credit reports within the past year and 26 percent within the past month. While personal finances are still an issue for many Canadians, it is encouraging to see that people are taking the time to better understand that credit is an important part of their financial well-being. “

Important facts:

  • In 2021 alone, Borrowell provided its members with over 38 million updated credit reports

  • Since the Borrowell Mobile App was launched in May 2019 in the Apple App Store and Google Play Store, it has been downloaded over 750,000 times

  • Borrowell’s marketplace includes over 75 financial product providers, including American Express, BMO, Capital One, RBC, and CIBC

  • Borrowell has won numerous awards including Globe and Mail’s Top Growing Companies, LinkedIn’s Top Startups in Canada, CB Insights’ Top 250 Fintechs, and Deloitte’s Technology Fast 500

About borrowell
Borrowell is committed to making financial prosperity possible for all. Borrowell members have access to free credit scores, weekly credit monitoring, credit building-up credits and secured cards, as well as innovative digital tools such as personalized credit coaching and AI-powered financial product recommendations. With over two million members, Borrowell is one of the largest fintech companies in Canada. More information is available at www.borrowell.com.

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