Canadian financial technology company Ratehub Inc. has raised a $12 million Series A investment led by Elephant, a venture capital firm. Participating in the funding round was Simon Nixon, co-founder of UK-based financial comparison site MoneySuperMarket.
Launched in 2010, Ratehub Inc. connects Canadians with the financial products and services. Ratehub Inc. owns and operates financial product comparison site, Ratehub.ca, and CanWise Financial, a national mortgage brokerage which funds over $1 billion of annual mortgage volume.
The funds will be used to invest in Ratehub.ca’s other verticals, including credit cards, deposits and insurance. Ratehub is using the investment to build a digital platform that will allow Canadians to go through the entire mortgate process online. It also is planning to launch a new suite of tools in 2018, which will allow Canadians to compare home, auto, and life insurance policies.
Jeremiah Daly, general partner and an Elephant co-founder, has joined Ratehub Inc.’s board of directors.
“Working with Elephant and Simon Nixon [of MoneySuperMarket] will be a tremendous asset in accelerating Ratehub Inc.’s future growth,” said James Laird, co-founder of Ratehub Inc. and president of CanWise Financial.
“Elephant brings valuable connections and insight into developing a successful online brand, based on their experience at Warby Parker, Allbirds, Scopely, and other leading online brands,” said Laird. At the same time, he added, Nixon “will bring his expertise in growing a financial comparison website into a billion-dollar company, thanks to his experience with MoneySuperMarket.”
“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 Daly at Elephant.
“They offer a compelling value proposition to both parties that doesn’t otherwise exist in Canada,” he added. “With this initial investment in Ratehub Inc., we’re looking forward to seeing the company continue to scale and lead the Canadian market.”
About Ratehub Inc.
Ratehub Inc. connects Canadians with financial products through its financial product comparison site, Ratehub.ca, and mortgage brokerage, CanWise Financial. Ratehub said more than five million Canadians visit Ratehub.ca every year for recommendations on the best mortgage rates, credit cards, savings accounts and insurance products.
Elephant was launched in 2015 by Jeremiah Daly and Andy Hunt, co-founder of Warby Parker. With offices in Boston and New York, Elephant is currently investing out of its $156 million debut fund.
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