The hits just seem to keep coming for our clients, with recent great news coming from Borrowell! Last month, the Canadian fintech leader announced that Equitable Bank, along with Hedgewood, Power Financial Corporation and other investors, will invest $6.4 million of operating and loan capital into Borrowell’s platform. This investment brings total funds raised by the company to $11.8 million.
The technology-driven marketplace lender also shared that since launching a year ago, Borrowell has processed over $500 million in loan applications from thousands of Canadians.
In the same press release, Borrowell shared a recent report from EY, which says that the adoption of fintech products in Canada could triple this year. The report is based on a global report from EY where they surveyed more than 10,000 digitally active people in Australia, Canada, Hong Kong, Singapore, the United Kingdom and the United States to better understand the overall rate of fintech adoption. Based on their findings, EY states in their report that “for traditional financial services companies, including banks, insurers and wealth and asset management companies, the risk of disruption is real.”
This is something we have been saying at Cloud Lending Solutions all along. We offer a cloud-based, end-to-end lending platform delivering innovation to the global lending community. Our clients take back control of their business by quickly implementing, extending, and digitizing the entire lending lifecycle. Take a look at a webinar we recently conducted if you would like to dig into this a little more.
Borrowell is a great example of a client shaping the fintech disruption. They were one of the first digital lenders of offer fast, fair and friendly personal loans, giving Canadians smarter ways to access credit. We applaud them for their industry leadership and look forward to even greater things to come.