Back in 2010, RateHub started as a mortgage rate comparison website and was developed to compare rates side-by-side and connect buyers to financial institutions and that is still their prime goal today. But things have developed much further than that for the popular company.
“We now compare the best rates on an array of financial products on an integrated platform, including credit cards, deposits and insurance, with over 300,000 monthly users,” says Alyssa Furtado, Founder and CEO.
The added revenue streams and continued success for RateHub over the last few years has also translated into significant growth in the physical world as well.
“RateHub has grown from 3 to over 30 full time employees, has expanded its product offerings from mortgages only, to credit cards, high-interest savings accounts and GICs, and insurance. RateHub has also opened two additional offices in Vancouver and Quebec,” Furtado says.
Moving into the credit card comparison space was also made possible by an acquisition RateHub capitalized on in 2013 when they acquired the site CanIPayLess.com.
“We recognized the sophistication of their tool, but they couldn’t figure out how to acquire customers. The combination of our marketing expertise and their product was the best way for us to move into that second market for us,” says Furtado.
As of late, RateHub has partnered with two major Canadian financial institutions to launch deposit and insurance products and they have even launched their own mortgage brokerage called CanWise Financial which processed over $100 million worth of mortgage volume in its first six months.
Alyssa has also attributed RateHub’s success to three key things. The first is the team of employees who work there.
“As we expand our product offerings, we also work hard to maintain and continue to cultivate an amazing company culture. Instead of creating more policies and procedures as we’ve grown, we’ve tried to adopt a Netflix-like culture of freedom and responsibility,” she explains. “We focus on hiring and retaining high-performing, responsible mini-entrepreneurs and give them a creative and autonomous environment with more flexibility and potential for rewards than the standard workplace.”
The second thing that has helped RateHub grow is of course the product itself which they stand behind.
“Our website is easy to navigate and it clearly lays out rates: our mortgage calculators are unique and surpass our competitors because they calculate the total cost of homeownership (including insurance, taxes, etc), and our credit card tool is unlike any other, as it translates all rewards programs into dollar values. Users can also fill in their monthly spending in major categories to generate personalized card recommendations,” Furtado says.
The final feather in their cap is the marketing strategy.
“Focusing on digital marketing and SEO has been the foundation of our success; it’s how we’ve built our traffic to over 300,000 users per month, and it’s been a profitable way to build a business,” she says.
RateHub’s plans for the future are well planned out as they are looking to head further into the mortgage space and make things easier for Canadians.
“Getting a mortgage in Canada is still very archaic: you have to meet someone in person, send all of your documents through email, duplicate a lot of the work for your agent, the home insurer, the lawyer, and so on. Our plans for the future involve creating a fully online mortgage experience on an integrated platform,” affirms Furtado.
As they move forward, it’s clear that RateHub will continue to be an innovator in the way Canadians do business online and help ease the process involved when making some of the most important decisions of their lives.
RateHub is a job board member and is hiring. Profiles are included with membership.