Andrew Graham is the CEO of Borrowell. Prior to that he led the insurance business at a mid-sized Canadian bank. In the past he has held senior roles in corporate strategy and mergers and acquisitions. He is co-founder of Toronto Homecoming and serves on the boards of the Banff Forum, Evergreen and Canadian Club of Toronto. He holds degrees from the University of Edinburgh and Harvard Business School. This is his exclusive interview with The South Asian News.

Talk to us of how ‘Borrowell’ came into being.  In a marketplace that has borrowers borrowing from lending institutions (and money lenders) at atrocious interest rates, what made you go against the grain, so to speak?

There are a lot of things about banking that don’t make much sense. Savings products like bank accounts and government bonds pay virtually no interest. But millions of Canadians borrow money on credit cards and pay 19.99% interest—or more! From my background in financial services, I thought: “there has got to be a better way.”

As it turns out, technology is revolutionizing lending all around the world. My colleagues and I started Borrowell to making borrowing faster and fairer for Canadians. In particular, we wanted to provide a solution for people carrying credit card debt. Today, if you’ve got credit card debt or need a loan for other reasons, you can come to our website and, in a minute or two, check to see whether we can offer you a loan and the rate. There’s no cost attached to check your current status, and it won’t affect your credit score.

We’re really excited about helping millions of Canadians tackle this problem in the years ahead. We’ve been written about in nearly every major newspaper and magazine, including The Globe and Mail, Toronto Star, Maclean’s and now the South Asian News.

Any experiences from the past, family, mentor or hierarchical that made you start ‘Borrowell’?

Before founding Borrowell, I worked at PC Financial, so I knew that Canadians were open to new, non-traditional providers of financial services. I think PC Financial has done a great job of making financial services more customer-friendly and accessible, and with Borrowell we’re taking that approach a step further.

Share with us your experiences in money markets that make you a smart investor, borrower or lender for that matter

I’m by no means a great investor, though I think I’ve figured out some of the basics of good money management. And I personally think that each and every one of us can implement these simple steps to ensure a debt-free life. To reiterate my statement, my wife and I in particular make it our goal to spend less than what we earn each month, which allows us to build the savings for the long haul. We’re extremely aware about debt; while I use my credit card to make purchases, I try to never carry a balance. Credit cards are great for making payments, but not a very good way to borrow money.

At Borrowell, we use large amounts of data to make our lending decisions. We look at hundreds of points of data for each person who applies, so we can make a unique customized approach that will benefit the customer. What’s amazing is that our technology does the hard work, analyzing all of this in just fractions of a second! But at the end of the day—it all comes down to people helping people.

What is it about ‘Borrowell’ that sets it apart in let’s say someone who wants to borrow towards a mortgage, car loan or even a wedding?  

At Borrowell, we pride ourselves on being fast, friendly and fair. Here’s what this means:

Fast: Applying with us takes just a minute and can be done from anywhere, be at home, work or on your mobile phone. We’ll tell you instantly whether you qualify for a loan and, and if so, at what rate. There’s no need to wait for anyone to review your file. If you decide to proceed with the loan, we can have the funds in your account in a day or two.

Friendly: We really want to help Canadians get rid of expensive debt. Our whole team is passionate about this, and we hope that our passion is infectious. We are open to someone calling us or emailing us if they’d like to discuss their situation, for example. Our team is always happy to guide and direct our customer through the different options available with us.

Fair: If you look at car insurance, better drivers get better rates. At Borrowell, people with better credit get better rates. Credit card rates don’t typically vary much with typical rates around 19.9%, even for someone with a perfect credit history. We take a different approach at Borrowell, customizing the rate to each person who applies and qualifies.

 

Your educational background is exceptional: MBA from Harvard, MA in economics from the University of Edinburgh.  What lessons in life can you impart to today’s youth who want to pursue a career such as yours?

I’ve met many young people who are far more focused at their age than I was, so I’m not sure that I have very much to teach! It’s true that I’ve been very lucky to have had a great education. That began in public school in Ottawa where I grew up, right through Harvard where I received my MBA. I had great teachers and, for the most part, I worked hard.

In terms of lessons I’ve learned, I think exposure to a wide variety of jobs is really valuable. It helps you figure out what you enjoy and what you’re good at. Knowing those two things is half the battle when it comes to picking a career. I know I’ve benefited from the variety of jobs that I’ve had, from political staffer in Ottawa, to working for large companies, to the summer I spent in Mumbai working for the Tata group. I learned from each of these experiences, and drew on all of them in founding Borrowell.

You serve on the boards of the Banff Forum, Evergreen and Canadian Club of Toronto. What is it that you bring to their table, and how do you juggle these multiple roles

I’m fortunate to be a volunteer board member for these excellent organizations. Though the work they do is different, they are all focused on making Canada better, whether through the quality of its leadership or the environment. I’ll really enjoy being involved in my community and have learned a ton through my board work.

Good time management is certainly important, particularly with a young family and a growing company. It’s something I work at every day—I’m lucky to have a very supportive and understanding wife!

Give us a heads-up of Toronto Homecoming, your very own social enterprise, and how you’ve connected hundreds of truly talented Canadians abroad with job opportunities

Toronto Homecoming helps Canadians living abroad find move back to the city and find great jobs. It does this through an annual conference where ex-pats and Toronto-based companies looking to hire have the opportunity to meet. Networking is so important to finding a job in this city, and Toronto Homecoming helps expatriates get a jump on this.

My friend Eva Wong and I founded Toronto Homecoming five years ago. It’s taken place every year, and we’ve helped hundreds of people find jobs and move back to Canada. It gave Eva and me an outlet for entrepreneurial energy; we’re now focusing that energy on Borrowell, which Eva and I founded together along with two other partners.

I’m sure many of your readers have family and friends who moved away from Canada and may be interested in coming back. If they’re interested in meeting a lot of great Toronto companies, there are still a few spots left and they can apply at our Toronto Homecoming website.

 

Finally tell us about what a normal weekend looks like with family and friends

My wife, Geeta, and I have an 18 month-old daughter. On a typical Saturday morning, I take my daughter to the farmers’ market at the Brick Works, so that we can pick up some food for the rest of the weekend. It’s a great place to get fresh homegrown produce and also to spend some time with nature. My wife and I have dinner on Saturday with friends. If my in-laws are in town, sometimes all five of us will head to a restaurant on Gerrard Street for dosas. Our daughter loves the crispy pancakes!

I like to bike and I’ll often do that on Sunday mornings when the weather is nice. I’m part of a biking club called Morning Glory that pedals-out first thing in the morning. After coming home, we take our daughter to the park after which we have my brother and sister over for dinner. Our weekends are time well invested in the family, and they’re lots of fun.

Jude Paul Fernandes

jude@thesouthasiannews.com