Ratehub Inc. has raised a $12 million Series A investment led by Elephant with participation of Simon Nixon, co-founder of U.K. based MoneySuperMarket.
Boston and New York based Elephant is a venture capital firm focused on disruptive software, internet, and mobile companies. The firm was founded in 2015 by Jeremiah Daly and Andy Hunt (co-founder of Warby Parker). Elephant is currently investing out of its US $156.4 million debut fund, Elephant Partners I, LP.
In connection with the financing, Daly, General Partner at Elephant, has joined Ratehub Inc.’s board of directors.
Founded in 2010 by Alyssa Furtado and James Laird, Ratehub Inc. connects Canadians with the best financial products and services on the market. Ratehub Inc. owns and operates financial product comparison site, Ratehub.ca, and CanWise Financial, a national mortgage brokerage which funds over $1 billion of annual mortgage volume.
“Canadians don’t always look at all of their options when they need a new financial product, due to ingrained loyalty to their home bank,” said Furtado, CEO of Ratehub.ca. “We are looking forward to launching new and enhanced financial product comparisons, and to continuing to bring financial transparency to Canadians.”
“Working with Elephant and Simon Nixon will be a tremendous asset in accelerating Ratehub Inc.’s future growth,” said Laird, President of CanWise Financial. “Elephant brings valuable connections and insight into developing a successful online brand, based on their experience at Warby Parker, Allbirds, Scopely, and other leading online brands. Simon Nixon will bring his expertise in growing a financial comparison website into a billion-dollar company, thanks to his experience with MoneySuperMarket.”
“Ratehub Inc.’s founders have executed on an ambitious vision to build the leading source of financial information for Canadian consumers, alongside a marketplace to connect them with financial institutions. They offer a compelling value proposition to both parties that doesn’t otherwise exist in Canada,” said Jeremiah Daly, co-founder and General Partner at Elephant. “With this initial investment in Ratehub Inc., we’re looking forward to seeing the company continue to scale and lead the Canadian market.”
Ratehub intends to use new funds to build a digital platform that will allow Canadians to go through the entire mortgage process online. This digital platform will bring much needed efficiency and simplicity to Canadian homebuyers. The funds will also be used to 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.
photo credit: Ratehub Inc.