Ontario Teachers’ RATESDOTCA raises $51M in equity and debt financing

CPE News (3/3/2021) – RATESDOTCA Group Ltd. has raised $51 million in additional equity investment from its majority shareholder Ontario Teachers’ Pension Plan Board and debt financing led by BMO Financial Group through a syndicated facility with TD Bank Group.

Founded in 1999, RATESDOTCA, formerly Kanetix Ltd., 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.

In September 2018, Ontario Teachers’ acquired Kanetix from Monitor Clipper Partners, Torstar, Alan Ellis and other shareholders.

The new 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.

photo credit: RATESDOTCA Group

News Release

RATESDOTCA Group Ltd. Raises $51M in Funding to Transform the Car Insurance Shopping Experience

Additional Equity Investment from Ontario Teachers’ along with debt financing from BMO and TD enable RATESDOTCA to invest in brand awareness and to digitalize the insurance buying process in Canada.

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.”

On RATESDOTCA, Canadian consumers can compare and get a better rate on:

Car insurance
Home, condo, and tenant insurance
Travel insurance
Life, critical illness, and health and dental insurance
Mortgages
Credit cards
Savings and investments such as GICs, RRSPs, TFSAs and bank accounts

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.

About RATESDOTCA
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

RATESDOTCA
360 Adelaide Street West, Suite 100
Toronto, Ontario, Canada
M5V 1R7
+1 844-726-0907

SOURCE RATESDOTCA Group Ltd.

For further information: or to arrange an interview, please contact: Tracy Truong, Proof Strategies Inc. for RATESDOTCA, ttruong@getproof.com, (416) 602-7072; Alex Jones, Proof Strategies Inc., ajones@getproof.com, Cell: (647) 995-8710