Canadian insurtech Apollo Insurance has raised C$18.5m ($13.5m) to establish its new buy-now-pay-later (BNPL) subsidiary, FinShore.
This initiative is set to offer more than 100,000 Canadians, particularly renters, a BNPL payment solution for their insurance premiums.
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The capital injection for FinShore was orchestrated by Fair Capital Partners as the lead arranger and agent, with Innovation Federal Credit Union serving as the lender.
PricewaterhouseCoopers Corporate Finance Debt & Capital Advisory was the exclusive financial adviser to both Apollo and FinShore for the transaction.
FinShore’s BNPL service is also available to insurance brokers through Apollo’s digital platform.
Apollo’s platform was launched in 2019 and has since offered fully digital products by partnering with various property management and proptech firms.
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By GlobalDataThe service embeds the insurance purchasing experience directly into the leasing workflow of property managers. Apollo’s partners include QuadReal, InterRent, and Yardi Systems.
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.”
FairCap CEO Daniel Nanson 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.”
In other recent Canadian insurance industry developments, Westland Insurance, an insurance brokerage, expanded its portfolio by acquiring employee benefits solutions provider Dupuis Langen Group.
