Dealflow | February 23, 2021

Borrowell raises $25 million and acquires affordable credit provider Refresh Financial

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, February 23 – Toronto-based Borrowell supports financial health for under-served Canadians through credit education, monitoring and coaching. It serves 1.5 million customers.

The company raised $25 million in growth-stage funding from a raft of investors that include Kensington Capital Partners and Chicago-based impact investor, Impact Engine. Impact Engine’s Priya Parish said the firm invested in Borrowell to support financial mobility for a diverse base of Canada’s borrowers.

Borrowell is the ninth investment from Impact Engine’s Private Equity Fund, which makes direct investments and invests in first-time impact private equity funds (see, “Impact Engine steps into private equity with $31 million growth fund”).

Impact Engine has also raised two impact venture capital funds.