Briefing

Borrowell launches new online tools aiming to help customers pay bills on time

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One of Canada’s largest fintech companies has launched Boost, a slate of digital tools that can be securely linked to bank accounts to track, manage and pay bills. The new tool is currently in beta testing and will be available as a monthly subscription in early 2020. (The Logic)

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Talking point: Toronto-based Borrowell, which closed a $20-million Series B round in June and claims more than one million customers, is aiming to solve the problem of late or missed bill payments, which significantly impact credit scores. A recent survey by accounting firm BDO Canada found 57 per cent of Canadians are carrying credit debt, a four per cent increase over the year previous. Equifax Canada reported Wednesday that the average Canadian consumer owed $72,500 in debt at the end of September—an increase of 2.1 per cent from the same period the year previous. The study also found that Canadians were struggling with missed monthly payments; Equifax reported the 90-day-plus delinquency rate for non-mortgage credit rose 9.7 per cent to 1.15 per cent, the highest quarterly amount since 2012.