Toronto-based FinTech Borrowell today made its free credit monitoring app widely available on iOS and Android, as it looks to reach new customer bases. One feature of the app, called Molly, is an AI-powered credit coach, designed to make it easier for customers to understand credit scores.
“Since we launched free credit scores in 2016, we’ve seen huge demand from Canadians wanting to learn more about their finances.”
As BetaKit reported in January, the credit coaching tool was only available at first to existing Borrowell users. Now, the app is available to the masses.
The app allows users to monitor their credit score, get access to their credit report, learn tips for improving their credit from Borrowell’s Credit Coach, and get personalized product recommendations, all for free in the app. Borrowell said this tool is the first of its kind in Canada.
“Since we launched free credit scores in 2016, we’ve seen huge demand from Canadians wanting to learn more about their finances,” Borrowell CEO Andrew Graham told BetaKit. “Our mobile app is our next big step forward, bringing free scores, reports and our very popular Credit Coach to mobile. The response has been amazing.”
The public free app launch comes as Borrowell, founded in 2014, nears one million users. In January Borrowell stated that more than 800,000 Canadians had received credit scores through its service, just four months later that number has jumped to 900,000.
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Making the free app widely available is the latest step Borrowell has taken to diversify its product offering outside lending. The company, quick launched as (and still offers) a personal loan product, has seen growing interest in credit scores and monitoring since 2016 when it partnered with financial institutions like CIBC and Equifax to offer credit score services.
The app’s AI credit coach, Molly, gives users actions to help them improve their financial score and allows users to see their credit score, credit report and tailored recommendations all in one place. During its beta phase, Borrowell said the app proved wildly popular, with more than 36,000 downloads. It is currently ranked in the top five financial apps in Canada on both iOS and Android.
Aside from assessing and advising members on their credit, Borrowell has partnered with 40 different financial services companies to recommend products such as loans and savings accounts, based on users’ unique credit profiles and financial goals. It generates revenue, through its own loan service, as well as by receiving a referral fee each time a customer takes or uses a product it recommends.
Image courtesy Borrowell