TORONTO, November 18, 2021 (GLOBE NEWSWIRE) – Borrowell, Canada’s leading financial marketplace and credit education company, today announced that more than two million Canadians are now members of its platform. The 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.
âAt the heart of Borrowell’s mission is to make financial prosperity possible for all Canadians,â said Andrew Graham, co-founder and CEO of Borrowell. âIt has never been more important as consumers grapple with the economic shocks and personal impacts of the global pandemic. Our members appreciate the simplicity with which we help them improve their financial well-being. As Borrowell continues to grow, we will be launching more exclusive products and features to meet the financial needs of our members. We plan to expand our credit building solutions, including loans and credit loans, to help people with credit problems build credit histories and improve their long-term financial health. “
In 2016, Borrowell became the first company in Canada to offer free credit scores, 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, the first AI-powered personal credit coach. To help Canadians reduce their level of financial stress, Borrowell has invested heavily in machine learning to help its members make sound financial decisions related to their credit profile and specific goals.
Financial stress has been a priority for many Canadians since the onset of the pandemic, and the pandemic has highlighted the disparities between different groups of Canadians. A study of Borrowell found that consumers with bad credit have at least one missed payment on their credit report and are more than 432 times more likely to miss a bill payment than consumers with excellent credit scores. One more recent study found that non-owners are more than twice as likely to miss a bill payment as owners, although owners have 20 times more debt than non-owners.
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 time of turmoil.
âAlmost two years after the start of the COVID-19 pandemic, Canadians continue to assess the health of their finances. As a trusted partner of Borrowell, we want to help Canadians make their best financial lives, âsaid Sue Hutchison, President and CEO of Equifax Canada. “In a recent consumer survey Conducted by Equifax for Financial Literacy Month, we noted that 64 percent of consumers have checked their credit reports in the past year and 26 percent have checked their credit reports in the past month. While personal finances are still a concern for many Canadians, it is heartening that people are taking the time to better understand that credit is an important part of their financial well-being. “
- In 2021 alone to date, 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 the Google Play Store, it has been downloaded more than 750,000 times
- Borrowell Marketplace includes over 75 financial product providers including American Express, BMO, Capital One, RBC and CIBC
- Borrowell has won numerous awards, including The Globe and Mail’s Top Growth Companies, LinkedIn’s Top Canadian Startups, CB Insights Top 250 FinTechs, and Deloitte’s Technology Fast 500.
Borrowell is committed to making financial prosperity possible for everyone. Borrowell members have access to free credit scores, weekly credit monitoring, secured credit loans and cards, as well as innovative digital tools such as personalized credit coaching and referrals of financial products based on AI. With over two million members, Borrowell is one of the largest fintech companies in Canada. For more information, please visit www.borrowell.com.