Canada-based personal loan provider Borrowell secured $6.4m in operating and loan capital on Tuesday from backers including diversified management and financial holding company Power Financial Corporation.
The round also included financial services firm Equitable Bank and investment firm Hedgewood, as well as family office Oakwest Corporation, investment fund Freycinet Investments and angel investor Adam Felesky.
Borrowell operates an online lending platform that offers fixed-interest loans to consumers. The platform officially launched in March 2015 and claims to have processed more than $500m in loan applications since then.
Equitable Bank, Oakwest Corporation and assorted angel investors provided $5.4m in seed funding for the company in 2014.
Andrew Graham, co-founder and chief executive of Borrowell, said: “We have helped Canadians across the country save thousands of dollars in credit card interest with our personal loans.
“We are thrilled to partner with strategic investors whose expertise spans technology, marketplace lending and consumer finance, and understand that the future of banking is changing rapidly.”