APOLLO a digital insurance provider and leading innovator in the emerging embedded finance sector, is pleased to announce the creation and launch of FinShore, a wholly owned buy-now-pay-later subsidiary secures CAD $18.5 million in funding.
The financing for the new company was provided by Fair Capital Partners Inc. (“FairCap”) as lead arranger and agent and Innovation Federal Credit Union (“IFCU”) as lender. PricewaterhouseCoopers Corporate Finance Debt & Capital Advisory (“PwC CF”) acted as exclusive financial advisor to APOLLO and FinShore.
Read also – [Funding News] MA-based OncoveryCare Secures $4.5Million in Seed Funding
FinShore will allow Canadians, and particularly renters, to take advantage of a buy-now-pay-later facility for their insurance premiums. It will also support it’s cohort of insurance broker partners who use the APOLLO platform to transact insurance business on behalf of their clients.
APOLLO CEO Jeff McCann said, “Establishing FinShore is an innovative step forward for APOLLO, and will do much to make the lives of Canadian renters easier, In this economic climate, particularly with the rise of renting across Canada, consumers are looking for flexibility in their payment options. Thanks to our partners at FairCap, IFCU, and PwC CF, we are able to offer that to them.”
It’s digital platform launched in 2019, and began serving Canadian consumers with fully digital insurance products. Since then, it has partnered with property management companies, proptechs, insurance brokers, and other organizations to embed insurance products into their existing workflows.
For property managers, the insurance purchase experience is embedded directly into the leasing workflow. Some of it’s partners include QuadReal, InterRent, and Yardi Systems.
Daniel Nanson, FairCap CEO said, “Both FairCap and IFCU are excited about this opportunity, and look forward to building a long-term relationship with APOLLO and FinShore, This venture aligns well with our mission to empower the North American lower middle market with fair, intelligent capital solutions.”
About APOLLO Insurance
APOLLO Insurance is Canada’s leading online insurance provider. Their proprietary platform allows insurance agents and their customers to purchase their policy immediately, from anywhere, on any device, 24/7. Unlike traditional paper-based processes, it leverages extensive data and sophisticated algorithms to quote, collect a payment, and issue policies without human intervention.
