Get a free, no obligation personal loan quote with rates as low as 9.99%
Get Started You can apply with no impact to your credit score

To read the full press release about the acquisition of Refresh Financial by Borrowell, click here.  

Through the power of innovative technology such as AI, machine learning, and APIs, countless businesses are challenging almost every aspect of the traditional banking system. Alternative lenders, money transfer services, payment services, crypto-currency, robo-advisors, and online banks, to name a few, make up the ever-evolving Fintech industry.

A major player in this industry is Borrowell. An alternative financial services provider who was the first to provide free credit scores and reports in Canada. They’ve grown significantly since their establishment, and are currently on the move to acquire Refresh Financial. 

Who is Borrowell?

Borrowell was co-founded by Eva Wong and current CEO Andrew Graham in 2015. Since their establishment, Borrowell has been named as one of Canada’s top growing companies by The Globe and Mail. Borrowell is a Canadian company that offers consumers access to financial products and services such as loans, credit reports, credit monitoring, and educational tools and materials. Through their AI-powered Credit Coach, Borrowell is able to provide Canadians with personalized recommendations for credit products and tips on credit building. Ultimately, Borrowell strives to educate and make credit accessible to all Canadians. 

Who is Refresh Financial?

Refresh Financial, also a member of the Financial Technology Industry, is a Canadian company based in British Columbia. Refresh Financial provides credit building products to all of Canada (excluding Saskatchewan). Their mission is to help Canadians build credit so that they can gain access to more affordable credit products. Since their founding in 2013, they’ve helped over 100,000 Canadians with their innovative credit building solutions. 

Why is Borrowell Acquiring Refresh Financial?

Given Borrowell’s mission to make financial products more accessible and Refresh Financial’s mission to help consumers build credit, the two combined have the synergy required to create better solutions. By acquiring Refresh Financial, Borrowell will be equipped with additional “products focused on financial well-being”. This in turn will allow Borrowell to better achieve its mission of making credit more accessible. 

By integrating Refresh Financial’s products and employees into Borrowell’s business framework, they’ll be able to reach a wider range and a larger number of Canadians. Moreover, by acquiring Refresh Financial, Borrowell will be “doubling its revenue and employee base”. 

How Will Refresh Financial’s Acquisition Affect Consumers? 

The acquisition of Refresh Financial will allow Canadians to access credit products and services more easily. The addition of Refresh Financial’s products to Borrowell’s product line will bring Canadians affordable and accessible “loans and secured cards to help them manage their expenses, build their credit history and take their next steps towards financial stability.”

Borrowell and Refresh Financial are expected to close the deal during the first quarter of 2021. Their aligned mission along with their combined business know-how will not only increase the company’s financial performance, but they’ll be better able to achieve their mission of providing Canadians with accessible credit.

Priyanka Correia, BComm avatar on Loans Canada
Priyanka Correia, BComm

Priyanka Correia is a Marketing Coordinator and personal finance expert at Loans Canada. Priyanka completed her Bachelor's degree in Marketing at Concordia University and has published work that has been mentioned in various news media. She is passionate about money management and educating Canadian consumers about how to take control of their financial lives.

More From This Author

Special Offers

More From Our Experts

https://loanscanada.ca/wp-content/uploads/2020/10/Best-chequing-account-in-canada.png
Best Chequing Accounts In Canada 2025

By Daniel Schoester
Updated on December 20, 2025

Discover the best chequing accounts in Canada for 2025: High-interest rates, no fees, digital ease. An essential guide for smart banking choices.

https://loanscanada.ca/wp-content/uploads/2025/04/Transfer-rrsp-to-tfsa.png
How To Transfer An RRSP To A TFSA

By Jun Ho
Updated on April 17, 2025

Learn how to transfer an RRSP to a TFSA and vice versa. Find out how it will impact your contribution room and tax consequences.

https://loanscanada.ca/wp-content/uploads/2019/03/Second-Car-Lien-Title-Loans.png
Second Lien Title Loans

By Bryan Daly
Updated on April 16, 2025

Everything you need to know about liens, vehicle title loans, and whether or not you can apply for a second lien title loan.

https://loanscanada.ca/wp-content/uploads/2017/11/upside-down-car-loan.png
What Is An Upside-Down Car Loan?

By Lisa Rennie
Updated on April 15, 2025

Do you have an upside down car loan? Find out what you should do if you car loan is worth more than your car.

https://loanscanada.ca/wp-content/uploads/2023/05/Car-Value-in-Canada.png
How To Find Your Car’s Value In Canada

By Lisa Rennie
Updated on April 15, 2025

Here are 5 online ways to estimate a car value in Canada. A car is a valuable asset that you can use to borrow money or to sell for profit.

https://loanscanada.ca/wp-content/uploads/2020/11/How-to-Qualify-Car-Loan.png
How To Get A Car Loan Approval In Canada

By Lisa Rennie
Updated on April 14, 2025

Find out what are the minimum requirements to get a car loan approval and how to increase your chances of qualifying.

https://loanscanada.ca/wp-content/uploads/2023/05/Car-history-report-canada.png
Checking Your Car History Report In Canada

By Lisa Rennie
Updated on April 14, 2025

Are you planning on buying a used vehicle? Then you should check your car's history. Find out how to check your car history report in Canada

https://loanscanada.ca/wp-content/uploads/2021/05/Brim-Financial-Credit-Cards-Review.png
Brim Mastercard: A Review

By Lisa Rennie
Updated on April 14, 2025

Are you looking for a new credit card? Check out the Brim Financial Mastercards for flexibility, great rewards and a slew of insurance products.

Recognized As One Of Canada's Top Growing Companies

Why choose Loans Canada?

Apply Once &
Get Multiple Offers
Save Time
And Money
Get Your Free
Credit Score
Free
Service
Expert Tips
And Advice
Exclusive
Offers