Since our founding in 2014, Borrowell has grown to over a million users by listening to the needs of Canadians. Today, we're thrilled to announce the launch a suite of digital tools to help track, manage and pay bills on time to improve financial health.
Late or missed bill payments are one of the leading factors impacting credit scores, determining a whopping 35% of an Equifax credit score. According to a recent study, the number of households missing or paying bills late has increased by 50% over the past two years. We strive to provide Canadians with the tools they need to improve their financial health. Our members told us they were struggling to track and pay bills, so we worked to be the first to offer them a free bill tracking solution.
Borrowell's free bill tracking tool securely links to a member’s existing bank account, allowing them to track their bills and notifying them of upcoming due dates.
Not a member? Get started right away by signing-up or downloading the Borrowell App to get your free credit score and access to a wealth of financial tools.
Get Going with the Borrowell Mobile App
Launched earlier this year, our free app makes it easier than ever to improve your financial health on the go. Available on iOS and Android, get real-time access to your credit score and financial product recommendations to help improve your credit score.
Benefits:
Free access to credit scores, updated weekly.
Access to a diverse financial marketplace with over 50 financial partners offering credit cards, mortgages, loans, investing, insurance, and banking.
Customized product recommendations based on credit profile, goals and attributes.
Support from Molly – Canada’s first AI-powered credit coach that provides personalized tips to improve credit scores.
Why Canadians Need Boost
Earlier this year, the Financial Post reported more than half (53%) of Canadians live paycheque to paycheque with little to no savings.
Payment history determines 35% of an Equifax credit score.
43% of Canadians don’t know that paying bills late can negatively impact their credit score (TD).
Financial worry is one of the leading causes of stress, impacting physical well being and costing Canadian businesses $16B in lost productivity (Canadian Payroll Association).
NSF fees can be around $50 per transaction (Government of Canada).
About Borrowell
Borrowell helps people make great decisions about credit. Borrowell offers Canadians their free credit score and weekly credit report monitoring. With automated credit coaching tools and AI-driven financial product recommendations, Borrowell empowers consumers to improve their financial well-being and be the hero of their credit. Borrowell is one of Canada’s largest financial technology companies, with more than one million members. Borrowell has received significant recognition, including being named 4th fastest growing technology company in the Deloitte Fast50 (2019); Inclusion in the Fintech 100, a list of the top 100 Fintech companies globally; Fintech of the Year (2018) at the Canadian Fintech and AI Awards.
Borrowell is recognized as a leader in diversity and inclusion. Unusual for a tech startup, 50% of the employees identify as women. Borrowell was named a “Best Place to Work” in Canada, as well as a Best Place to Work for Women, Mental Wellness, Millennials, and in Financial Services and Insurance.
Andrew is the co-founder and CEO of Borrowell. With a passion for finance and public policy, Andrew is dedicated to helping Canadians make safe decisions about their finances. He was named an EY Entrepreneur Of The Year® 2019 award winner in Ontario. In his free time, Andrew enjoys spending time outdoors and with his family.