Ratesdotca Group Ltd., a Toronto, Canada-based platform for insurance and money products, completed a $51m round of equity and debt funding round.
The round was a combination of additional equity investment from majority shareholder Ontario Teachers’ Pension Plan Board and debt financing led by BMO Financial Group through a syndicated facility with TD Bank Group.
The company intends to use the funds to invest in technology to create a digital insurance shopping experience.
Founded in 1999 and led by Igal Mayer, President and CEO, Ratesdotca is a platform for over 8 million Canadians to compare and shop for insurance and money products.
On the site, Canadian consumers can compare and get rates on:
- Car insurance
- Home, condo, and tenant insurance
- Travel insurance
- Life, critical illness, and health and dental insurance
- Credit cards
- Savings and investments such as GICs, RRSPs, TFSAs and bank accounts
Last quarter, the company launched the RATESDOTCA brand with a modern and Canadian identity, optimized the tools, and rolled its family of comparison sites including Kanetix.ca and RateSupermarket.ca into the one brand.