Canada-based Ratehub has scored $12m in its Series A round led by venture capital firm Elephant.
MoneySuperMarket co-founder Simon Nixon also participated in the company’s funding round.
Founded in 2010, the company operates across financial product comparison platform Ratehub.ca and mortgage brokerage company CanWise Financial. Through the Ratehub service, users can receive personalised recommendations and compare between mortgages, credit cards, savings accounts, investments, and insurance products. The mortgage brokerage service helps Canadians to find the best lender and rate.
The new wave of equity will be used to build a digital platform to allow Canadian consumers to go through the entire mortgage process online. Capital will also be used to invest across other verticals including credit cards, deposits and insurance.
Later in the year, Ratehub plans to launch a new suite of tools to enable customers to compare home, auto and life insurance policies.
Ratehub co-founder Alyssa Furtado said, “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. We are looking forward to launching new and enhanced financial product comparisons, and to continuing to bring financial transparency to Canadians.”
As part of the transaction, Elephant general partner Jeremiah Daly will join Ratehub’s board of directors.
The Canadian FinTech sector has seen a string of investments this year, with this being the sixth investment in the space this year. Last week, micro-investing platform Mylo Financial Technologies received $1.6m in a Seed round as it looks to expand its operations.
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