The round was led by Elephant, with participation from Simon Nixon, co-founder of U.K.-based MoneySuperMarket. In conjunction with the funding, Jeremiah Daly, General Partner at Elephant, joined Ratehub’s board of directors.
Founded in 2010, Ratehub owns and operates Ratehub.ca, a financial product comparison site (for mortgage rates, credit cards, savings accounts, GICs, and insurance products), and CanWise Financial, a national mortgage brokerage which funds over $1 billion of annual mortgage volume.
Key people include Alyssa Furtado, co-founder of Ratehub Inc. and CEO of Ratehub.ca, and James Laird, co-founder of Ratehub Inc. and President of CanWise Financial.
The company is using the funds to build a digital platform that will allow Canadians to go through the entire mortgage process online and invest in Ratehub.ca’s other verticals, including credit cards, deposits and insurance.
In 2018, the company will launch a new suite of tools allowing Canadians to compare home, auto, and life insurance policies.