Borrowell Acquires Refresh Financial

Priyanka
Author:
Priyanka
Priyanka Correia, BComm
Senior Editor at Loans Canada
As a senior member of the Loans Canada team, Priyanka Correia is committed to empowering Canadians with the knowledge they need to make smart financial choices.
Expertise:
  • Personal finance
  • Consumer borrowing
  • Consumer banking
  • Debt management
Caitlin
Reviewed By:
Caitlin
Caitlin Wood, BA
Editor-in-Chief at Loans Canada
Caitlin Wood has more than a decade of experience helping Canadian consumers learn how to take control of their finances. Expertise:
  • Personal finance
  • Consumer borrowing
  • Credit improvement
  • Debt management
📅
Updated On: December 15, 2020
Get a free, no obligation personal loan quote with rates as low as 9.99%
Free quote with no impact to your credit

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 Senior Editor 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/2023/10/Credit-cards-to-build-credit.png
Best Credit Cards To Build Credit 2025

By Lisa Rennie
Updated on July 17, 2025

The top credit building credit cards available to Canadian consumers looking to improve their credit score.

https://loanscanada.ca/wp-content/uploads/2017/12/fixed-rate-vs-variable-rate.png
Fixed-Rate vs. Variable-Rate Loans

By Lisa Rennie
Updated on July 17, 2025

Do you know the difference between fixed rate vs. variable rate? Read this article to find out how your interest rate affects your loan.

https://loanscanada.ca/wp-content/uploads/2017/11/short-term-loan.png
Where To Get Loans In An Emergency With Low Income?

By Lisa Rennie
Updated on July 15, 2025

Short term emergency loans are fast way Canadians can cover the cost of an unexpected expense. Use them for unexpected repairs and bills

https://loanscanada.ca/wp-content/uploads/2016/09/online-loans.png
Short Term Loans With Instant Approval

By Bryan Daly
Updated on July 15, 2025

Short term online loans are a great option for any and all borrowers, especially credit-constrained Canadian borrowers.

https://loanscanada.ca/wp-content/uploads/2021/09/Best-Prepaid-Credit-Cards-Canada.png
Best Prepaid Credit Card In Canada 2025

By Lisa Rennie
Updated on July 15, 2025

Find the best prepaid credit card in Canada for you. Learn about its fees, minimum balance and other features.

https://loanscanada.ca/wp-content/uploads/2021/09/How-and-Why-You-Should-Start-an-Emergency-Fund-1.png
How To Build An Emergency Fund

By Lisa Rennie
Updated on July 14, 2025

Learn some of the reasons why starting an emergency fund is key to your long-term financial success in Canada.

https://loanscanada.ca/wp-content/uploads/2024/02/budgeting-app.png
Best Budgeting Apps In Canada 2025

By Trevor O'Hagan
Updated on July 14, 2025

Check out the top budgeting apps currently available to Canadians and learn how to budget, set goals, and save your money.

https://loanscanada.ca/wp-content/uploads/2020/01/Transfer-Money-From-Credit-Card-to-Bank-Account.png
How To Transfer Money From A Credit Card To A Bank Account?

By Lisa Rennie
Updated on July 11, 2025

Interested in transferring money from your credit card to your bank account? We have all the information you need to make the transfer.

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