Toronto-based Ratesdotca, formerly known as Kanetix, has completed a C$51 million equity and debt financing. The company’s majority owner, Ontario Teachers’ Pension Plan, accounted for the equity, while the debt funding was led by BMO Financial Group through a syndicated facility with TD Bank Group. Ratesdotca is a rate comparison website for insurance and money products.
TORONTO, March 3, 2021 /CNW/ – RATESDOTCA Group Ltd. (“RATESDOTCA”) is pleased to announce it has completed a $51 million round of funding through a combination of additional equity investment from its majority shareholder Ontario Teachers’ Pension Plan Board (“Ontario Teachers'”) and debt financing led by BMO Financial Group (“BMO”) through a syndicated facility with TD Bank Group (TD).
Founded in 1999, RATESDOTCA is the go-to online source for over 8 million Canadians who shop for insurance and money products. Its sites compare the most insurance providers in Canada today. Ontario Teachers’ acquired RATESDOTCA in 2018.
The funding represents a new era for RATESDOTCA, providing capital to invest in the RATESDOTCA brand to become the premier consumer brand for comparison shopping of insurance and other financial products. In addition, the company will further invest in technology to create a world-class digital insurance shopping experience for consumers who are increasingly turning to online products since the onset of the COVID-19 pandemic.
“We are excited to be working with three great organizations – Ontario Teachers’, BMO, and TD – and are confident in our long-term outlook as we push to grow our business rapidly in the next few years. Our goal is to help Canadians make better insurance and money decisions,” said Igal Mayer, President and CEO of RATESDOTCA. “The best way for us to do this is to focus this investment on bringing awareness to the power of comparison shopping, saving consumers millions of dollars, and making the buying experience for insurance and other financial products more transparent and easier for them.”
Last quarter, the company launched the RATESDOTCA brand with a fresh, modern and Canadian identity, optimized the tools, and rolled its family of comparison sites including Kanetix.ca and RateSupermarket.ca into the one brand. This move centralized the best comparison products across both insurance and money product lines.
RATESDOTCA is Canada’s leading rate comparison website that offers a quick and simple digital experience to compare the widest selection of insurance and money products in the market. More than 8 million Canadians rely on RATESDOTCA every year to get a better rate on car, home, and travel insurance, mortgages, and credit cards. RATESDOTCA aims to help Canadians make better insurance and money decisions so they can save time and money to spend on what really matters to them. @RATESDOTCA