TORONTO--(BUSINESS WIRE)--Today, technology-driven marketplace lender and Canadian fintech leader Borrowell announced that Equitable Bank, along with Hedgewood, Power Financial Corporation and other investors, will invest $6.4 million of operating and loan capital in Borrowell’s platform. This investment brings total funds raised by the company to $11.8 million.
“We’ve helped Canadians across the country save thousands of dollars in credit card interest with our personal loans,” said Andrew Graham, Co-Founder and CEO, Borrowell. “We’re thrilled to partner with strategic investors whose expertise spans technology, marketplace lending and consumer finance, and understand that the future of banking is changing rapidly.”
Since launching in March 2015, Borrowell has processed over $500 million in loan applications from thousands of Canadians.
“We’re pleased with the traction Borrowell has gained in the Canadian market in such a short time,” said Andrew Moor, President and CEO, Equitable Bank. “Canadians are embracing the benefits of better online options like Borrowell and our own EQ Bank.”
Continued investments from financial leaders in fintech companies will help accelerate traction in the Canadian market. According to a recent EY Report, Canadian adoption of fintech products could triple within the year. These investments are paving the way for the future of borrowing and smarter choices for consumers.
Other participating investors include Oakwest Corporation, a private investment company owned and managed by the Beutel family; Adam Felesky, founder and former CEO of Horizons ETFs; and Freycinet Investments, a fund that supports high-potential, knowledge-based businesses.
Borrowell is a Canadian digital lender that offers fast, fair, and friendly personal loans. Its affordable, fixed-interest loans give Canadians a smarter way to access credit. A wholly online application process instantly provides personalized loan options to Canadians with good credit who want better alternatives to expensive credit card debt. Find out more at borrowell.com.
About EQUITABLE BANK
Equitable Bank is Canada's ninth largest independent Schedule I bank and offers a diverse suite of residential lending, commercial lending and savings solutions to Canadians. Through its proven branchless approach and customer service focus, Equitable Bank has grown to approximately $17 billion of assets under management. Most recently, Equitable Bank launched a digital banking operation, EQ Bank, along with its flagship product the EQ Bank Savings Plus Account. For more information about Equitable Bank and its products, please visit equitablebank.ca.
Hedgewood is the personal investment vehicle of long time internet entrepreneur Jesse Rasch. It invests using proprietary capital, allowing for longer investment horizons and a broad range of asset classes. Further, as a globally minded investor, Hedgewood actively pursues and engages in a wide variety of investment opportunities in Canada, the United States, and internationally. To learn more, visit www.hedgewood.com.
About POWER FINANCIAL
Power Financial Corporation is a diversified management and holding company that has interests, directly or indirectly, in companies in the financial services sector in Canada, the United States, Europe and Asia. It also has diversified investments in industrial companies based in Europe. Power Financial Corporation is a member of the Power Corporation Group of Companies. To learn more, visit www.powerfinancial.com.