According to recent analyst reports, Canada’s retail lending market grew 4.7% in 2016 to $1.5bn, bringing it in line with markets like the UK ($1.6bn) and Germany ($1.4bn).
However, its digital adoption of Fintech is less than half that of other markets at a similar size.
Borrowell is changing this. The company has become a trusted adviser to its Canadian customers by helping them take control of their financial identity through free credit scores and access to relevant financial products. Its digital-first platform captures lending applications, credit score patterns and loan histories from thousands of users, translating this into powerful data sets which enable the company to provide personalized product recommendations and better predict and build the tools and products customers need to improve their financial well-being. Proof of their success lies in the figures: so far over 300,000 Canadians have used Borrowell to learn their credit score or check their rate on a loan.