Canadian digital insurance provider APOLLO Insurance has launched FinShore, a buy-now-pay-later subsidiary designed to offer an embedded monthly payment option to more than 100,000 Canadians insured through APOLLO.
Funding for FinShore was secured with Fair Capital Partners as the lead arranger and agent, while Innovation Federal Credit Union (IFCU) served as the lender. PricewaterhouseCoopers Corporate Finance Debt & Capital Advisory (PwC CF) acted as the exclusive financial advisor for APOLLO and FinShore.
Aside from customers gaining access to a buy-now-pay-later option for their insurance premiums, the new service will also benefit APOLLO’s network of insurance broker partners who utilize the APOLLO platform to manage their clients’ insurance needs.
“Establishing FinShore is an innovative step forward for APOLLO, and will do much to make the lives of Canadian renters easier,” APOLLO chief executive Jeff McCann said.
“In this economic climate, particularly with the rise of renting across Canada, consumers are looking for flexibility in their payment options. Thanks to our partners at FairCap, IFCU, and PwC CF, we are able to offer that to them.”
FairCap CEO Daniel Nanson added: “Both FairCap and IFCU are excited about this opportunity, and look forward to building a long-term relationship with APOLLO and FinShore. This venture aligns well with our mission to empower the North American lower middle market with fair, intelligent capital solutions.”
Rolled out in 2019, APOLLO’s digital platform provides fully digital insurance products. APOLLO has since collaborated with property management companies, proptechs, insurance brokers, and other entities to embed insurance products into their existing systems.
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