RATESDOTCA has revealed that it has raised $51 million in a recent funding round.
The funding was accomplished through a combination of additional equity investment from RATESDOTCA majority shareholder Ontario Teachers’ Pension Plan Board and debt financing led by BMO Financial Group, via a syndicated facility with TD Bank Group.
Ontario Teachers acquired RATESDOTCA, then known as Kanetix.ca, in 2018.
In a release, RATESDOTCA said that the funding provides much-needed capital to the company. The funding will also help RATESDOTCA further invest in technology to create a “world-class digital insurance shopping experience for consumers.”
“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,” said RATESDOTCA president and CEO Igal Mayer. “Our goal is to help Canadians make better insurance and money decisions.”
Mayer added that the best way for RATESDOTCA to help Canadians make informed insurance decisions is to focus this latest investment on raising awareness on “the power of comparison shopping,” and making the insurance and financial products shopping experience more transparent.
