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.
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.
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.
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”.
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.
Rating of 5/5 based on 3 votes.
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.
Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Earn an average 5%¹ cash back at thousands of partners and at least 0.5%² cashback guaranteed.
Build credit while spending money with the Refresh Financial VISA card.
With KOHO’s prepaid card you can build a better credit score for just $10/month.
All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.
When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.
Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.
