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Melissa Tait/The Globe and Mail
John Ruffolo’s private-equity firm is officially in business after raising money from five Canadian institutions, seven months after the Bay Street financier was nearly killed in a traffic accident.
His Maverix Private Equity last week received funds from CAAT Pension Plan, British Columbia Investment Management Corp., Bank of Montreal, Canadian Imperial Bank of Commerce and Mattamy Asset Management to anchor its first, US$500-million fund.
Patriotic Canadian venture capital firm Inovia raises $450-million to back domestic tech champions
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Borrowell raises $25 million to fund acquisition of Refresh Financial
Borrowell has secured $25 million CAD to support its recently closed acquisition of Refresh Financial and overall growth, as financial institutions return their focus to customer acquisition following the fallout of COVID-19.
The all-equity financing included a number of new investors for Borrowell, such as Kensington Capital Partners, BDC Capital, iA Financial Group and Impact Engine, a Chicago-based social impact-focused investment fund. Existing investors Portag3 Ventures, White Star Capital, NAventures (the venture arm of National Bank of Canada) and Equitable Bank also participated with new funding.
“We’re getting back to very much where we were pre-COVID.”
Borrowell raises $25-million funding round, closes Refresh acquisition Despite the deep bench of investors and a rush of IPOs in the sector, Borrowell doesn’t feel pressure to go public any time soon
Author of the article: Catherine McIntyre, The Logic
Publishing date: Feb 22, 2021 • 2 days ago • 4 minute read • Andrew Graham, co-founder and CEO of Borrowell, at the company s offices in 2016. Photo by Peter J. Thompson/National Post files
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Toronto-based fintech company Borrowell has raised $25 million in equity from a slate of new and existing investors in a deal to secure its acquisition of Refresh, a Kelowna, B.C.-based firm that helps customers improve their credit ratings.
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