Borrowell Now Serves Over 2 Million Canadians, as Financial Wellness Remains Top-of-Mind for Canadians During the Pandemic
New milestone comes at a time when rising costs of living and affordability remain top 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. This announcement comes during Financial Literacy Month in Canada, as Borrowell continues its mission to educate and empower consumers to take control of their financial health.
“At the heart of Borrowell’s mission is making financial prosperity possible for all Canadians,” said Andrew Graham, Borrowell’s co-founder and CEO. “This has never been more important as consumers grapple with the economic shocks and personal impacts of the global pandemic. Our members value the simplicity with which we help them improve their financial well-being. As Borrowell continues to grow, we will launch more proprietary products and features to meet our members’ financial needs. We plan on expanding our credit building solutions, including secured cards and credit building loans, to help credit-challenged individuals establish credit history and improve their long-term financial health. We will also continue to grow our marketplace of financial products from trusted lenders to help Canadians from all backgrounds gain access to affordable credit.”
In 2016, Borrowell became the first company in Canada to offer credit scores for free, through a partnership with Equifax Canada, and has since introduced additional free services such as 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 levels of 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 stress has been top-of-mind for many Canadians since the start of the pandemic, and the pandemic has highlighted disparities between different groups of Canadians. One study from Borrowell found that consumers with poor credit scores have at least one missed payment on their credit report and are over 432 times more likely to miss a bill payment compared to consumers with excellent credit scores. A more recent study found that non-homeowners are over two times more likely to miss a bill payment than homeowners, despite homeowners having 20 times more debt than non-homeowners.
Consumer demand for financial tools that reduce stress has never been greater. Borrowell’s partnership with Equifax Canada has helped many Canadians actively monitor and improve their credit health during a turbulent time period.
“Almost two years into the COVID-19 pandemic, Canadians continue to assess the health of their finances. As a trusted Borrowell partner, we want to help Canadians live their financial best,” says Sue Hutchison, President and General Manager of Equifax Canada. “In a recent consumer survey conducted by Equifax for Financial Literacy Month, we noted 64 per cent of consumers have checked their credit reports in the past year and 26 per cent have checked their credit reports within the past month. Although personal finances are still a concern for many Canadians, it’s encouraging to see people are taking the time to better understand that credit is an important part of their financial well-being.”
Key facts:
- In 2021 to-date alone, Borrowell has provided over 38 million credit report updates to its members
- Since the launch of the Borrowell mobile app in May 2019 on the Apple App Store and Google Play Store, it has been downloaded over 750,000 times
- Borrowell’s marketplace features over 75 financial product providers, including American Express, BMO, Capital One, RBC and CIBC
- Borrowell has been recognized in 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 dedicated to making financial prosperity possible for everyone. Borrowell members have access to free credit scores, weekly credit monitoring, credit building loans, and secured cards as well as innovative digital tools like personalized credit coaching and AI-powered financial product recommendations. With over two million members, Borrowell is one of largest fintech companies in Canada. For more information, please visit www.borrowell.com.
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