Briefing

Borrowell acquires financial education firm Refresh Financial

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Toronto-based Borrowell, which provides free credit-score monitoring, said the acquisition of Refresh, which helps people build their credit, will double its revenue and number of employees. The transaction is expected to close in the first quarter of 2021, but the companies did not disclose the terms of the deal. (The Logic)

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Talking point: The acquisition comes approximately 18 months after Borrowell raised $20 million in an equity and venture-debt funding round co-led by Portag3 Ventures. The fintech company, which launched in 2015, has raised almost US$50 million to date, according to PitchBook. “Borrowell has been a great partner for many years and I am truly excited about further integrating Refresh’s products into their platform,” said Michael Wendland, founder and CEO of the Kelowna, B.C.-based company. Borrowell claims to have provided “over 1.5 million Canadians” with free credit scores and AI-driven financial product recommendations based on their credit profiles.