Ratehub has raised a $12 million Series A investment.
The Toronto-based fintech company saw the funding led by Elephant, a firm founded by Jeremiah Daly and Andy Hunt, co-founder of Warby Parker. The round also had participation from Simon Nixon, the co-founder of the U.K.’s MoneySuperMarket. Daly will join Ratehub’s board of directors.
Ratehub, founded in 2010, provides Canadians with different financial products and services on the market. They own and operate Ratehub.ca, which functions as a financial product comparison site that allows Canadians to see the differences between mortgages, credit cards, GICs and more.
Ratehub also operates CanWise Financial, a mortgage brokerage which provides over $1 billion of annual mortgage volume funding.
“Canadians don’t always look at all of their options when they need a new financial product, due to ingrained loyalty to their home bank,” said Alyssa Furtado, co-founder of Ratehub Inc. “We are looking forward to launching new and enhanced financial product comparisons, and to continuing to bring financial transparency to Canadians.”
Ratehub will use the new investment to build a digital platform that allows Canadians to go through the entire mortgage process online. This kind of platform would allow Canadians to see what kinds of mortgage offerings they can apply their current financial situation to, while bringing efficiency and simplicity to the whole process.
Along with the online mortgage platform, Ratehub will expand the existing financial comparison platform, with the goal to let Canadians compare home, auto and life insurance policies.
“Ratehub Inc.’s founders have executed on an ambitious vision to build the leading source of financial information for Canadian consumers, alongside a marketplace to connect them with financial institutions,” said Jeremiah Daly, co-founder at Elephant and new member of Ratehub’s board of directors. “They offer a compelling value proposition to both parties that doesn’t otherwise exist in Canada.”
Ratehub came in at 32 on Deloitte’s Technology Fast 50 for 2017. The company has been on a push over the last year and a half to encourage Canadians to learn more about their own credit, introducing the ability for customers to check their Equifax score for free.