Borrowell
- Company typePrivate
- Founded2014
- HeadquartersToronto, Canada
- Headcount101–250
- GTM typeB2C
- OfferingSoftware
Borrowell firmographics
Firmographics- Name
- Borrowell
- Legal name
- Borrowell Inc.
- Website
- https://borrowell.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Ownership category
- akta.pro rank
Borrowell industry classification
Industry- Product category
- Consumer Credit Monitoring
- NAICS
- Credit Intermediation and Related Activities (522), Activities Related to Credit Intermediation (5223), Mortgage and Nonmortgage Loan Brokers (522310)
- SIC
- Personal Credit Institutions (6141), Finance Services (6199)
- akta.pro primary industry
- Credit Score Monitoring & Credit Building (FSAGADAE)
- akta.pro secondary industry
- Collateral-Based Lines of Credit (Secured Revolving) (FSAKALAH)
Keywords
Where Borrowell is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Markets served
Borrowell business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Referral Fees from Financial Product Partners: Borrowell analyzes user credit profiles to recommend financial products from over 75 partner companies. When users take recommendations (credit cards, loans, mortgages, banking products), partner companies pay Borrowell referral fees. The core credit score and monitoring service remains free to users.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Monthly | Free credit score and monitoring for all users |
| One time/ perpetual license | Pay-as-you-go | Rent Advantage - rent payment reporting service |
| Subscription | Monthly | Credit Builder - credit building loan program |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels8 records
Borrowell product offering
Product offeringCore offering
Borrowell provides Canadian consumers with free weekly Equifax credit score and report monitoring, credit education, and personalized recommendations for credit cards, loans, mortgages, and banking products from over 75 partner financial institutions. The company monetizes primarily through referral fees from partner financial institutions when users apply for recommended products, and also offers paid credit-building products including Credit Builder and Rent Advantage.
Product overview
Borrowell is a Canadian credit education and financial wellness platform offering a free credit score and report monitoring service powered by Equifax. The core platform provides weekly credit score updates, downloadable PDF credit reports, and personalized credit improvement tips via its Credit Coach. Borrowell's product portfolio includes two credit-building add-on modules: Credit Builder (a payment-reporting loan program averaging 41-point score increases in five months) and Rent Advantage (a rent reporting service allowing users to add up to 24 months of historical rent payments to their credit report for a $59 fee). The platform also features a recommendation engine that personalizes financial product suggestions for credit cards, personal loans, mortgages, and banking products from over 75 partner institutions based on users' credit profiles. Additional features include free bill tracking via mobile app and educational blog resources covering credit scores, mortgages, and financial literacy.
Differentiator
Problem solved
Functional benefit
Brands
- Rent Advantage: A rent reporting service that allows users to report rent payments to Equifax to build credit history. Can add up to 24 months of past rent payments and ongoing payments without requiring landlord cooperation.
- Credit Builder
Products and services
- Free Credit Score & Report Free weekly access to members' Equifax credit score and credit report, with personalized tips and credit improvement education for individual Canadian consumers.
- Credit Builder
Quantifiable outcome
- Members who use Borrowell for 18+ months see average credit score increase of 20 points
- +3 more outcomes
Companies that use Borrowell
Customer profileNamed customers6 records
Segments4 records
Ideal customer profiles4 records
Borrowell technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Borrowell partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered minor, core and major.
- MaRSminorBorrowell participated in an armchair discussion hosted by MaRS in Toronto alongside Finance Minister François-Philippe Champagne to discuss Budget 2025 measures to lower prices for Canadians by promoting private sector competition.
- EquifaxcoreCore data partnership with Equifax Canada for credit score and credit report access. Borrowell provides free Equifax credit scores and weekly updated reports to over 4 million members. This is the foundational technology partnership enabling Borrowell's core product.
- BMOmajorBMO is a key banking partner where Borrowell users can apply for credit cards and bank accounts. Borrowell earns referral fees when users open BMO products through the platform. Partnership includes co-marketing initiatives.
- RBCmajorRoyal Bank of Canada is a major partner providing credit cards and banking products through Borrowell's recommendation engine. Users are matched with RBC products based on their credit profiles.
- TD BankmajorTD is a partner bank whose credit products are promoted through Borrowell's platform. Borrowell receives referral fees for successful product applications initiated through the website.
- ScotiabankmajorScotiabank products are featured in Borrowell's financial product recommendations. Partnership allows Scotiabank to reach Borrowell's 4M+ member base for credit product acquisition.
- CIBCmajorCanadian Imperial Bank of Commerce partners with Borrowell to offer credit cards and loans through the platform's recommendation system.
- American ExpressmajorAmerican Express credit cards are included in Borrowell's product recommendations, targeting users with appropriate credit profiles for Amex products.
- CraveminorPromotional partnership with Crave streaming service. Borrowell partnered with BMO and Crave to offer 6 months of free Crave Standard streaming to Canadians who open BMO accounts through Borrowell. Promotion ran until February 27, 2026.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
Borrowell competitors and assessment
Company assessmentEmerging players
- KOHO Financial: Canadian neobank with growing credit-monitoring and financial product capabilities. Overlaps with Borrowell on credit education and personal finance management.
- MoneyLion: U.S. consumer fintech bundling credit monitoring, credit-building loans, and personalized product offers. Overlaps with Borrowell on credit-building and financial wellness.
Direct peers
- Credit Sesame: U.S. fintech offering free credit scores, monitoring, and personalized financial product recommendations. Operates the same freemium + referral revenue model as Borrowell.
- LendingTree: Online lending marketplace connecting consumers with multiple lenders across credit products. Comparable referral-fee-driven business model, though more transactional than Borrowell.
- ClearScore: UK-based free credit score and financial product recommendation platform. Closest international analogue to Borrowell's business model.
- WalletHub: Free credit score and financial product recommendation platform using the same freemium + referral fee model as Borrowell, though focused on the U.S. market.
- NerdWallet: Financial product comparison and recommendation platform generating revenue via partner referrals. Comparable to Borrowell's recommendation engine across credit cards, loans, and mortgages.
- Credit Karma (Intuit): Credit Karma (now Intuit) operates the same freemium model of free credit scores + partner financial product referrals. Credit Karma Canada is Borrowell's most direct head-to-head competitor in the Canadian market.
- Mogo: Canadian fintech offering free credit score monitoring alongside lending, investing, and spending products. Competes directly with Borrowell for credit-engaged Canadian consumers.
Regional players
- Wealthsimple: Canadian digital wealth platform that has expanded into credit products and financial tools. Competes for the same credit-engaged Canadian consumer base as Borrowell.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Borrowell social profiles
Digital presenceBorrowell financial estimates
Financial estimateRevenue estimate
Valuation estimate
Borrowell leadership team
Management profileNumber of profiles
Profiles3 records
Borrowell funding detail
Funding detailFunding overview
Funding rounds8 records
Investors22 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Borrowell M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Borrowell
What does Borrowell do?
Borrowell provides Canadian consumers with free weekly Equifax credit score and report monitoring, credit education, and personalized recommendations for credit cards, loans, mortgages, and banking products from over 75 partner financial institutions. The company monetizes primarily through referral fees from partner financial institutions when users apply for recommended products, and also offers paid credit-building products including Credit Builder and Rent Advantage.
Is Borrowell a public or private company?
Borrowell is a private company. It is classified as venture growth investor backed and is currently operating.
When was Borrowell founded?
Borrowell was founded in 2014. It employs 101 to 250 people.
Where is Borrowell based?
Borrowell is headquartered in Toronto, Canada, in the North America region.
How does Borrowell make money?
One revenue line is on record: referral Fees from Financial Product Partners.
Who are Borrowell's main competitors?
Emerging players on record are KOHO Financial and MoneyLion. Direct peers are Credit Sesame, LendingTree, ClearScore, WalletHub, NerdWallet, Credit Karma (Intuit) and Mogo. Wealthsimple is listed as a regional player.
Does Borrowell have an API?
No public API is recorded for Borrowell.
What industry is Borrowell in?
Borrowell's product category is Consumer Credit Monitoring. Its primary akta.pro industry code is FSAGADAE, Credit Score Monitoring & Credit Building, with a secondary code of FSAKALAH, Collateral-Based Lines of Credit (Secured Revolving). Its NAICS code is 522 and its SIC code is 6141.