Ratehub Inc. has announced its raising of a $12 million Series A investment led by Elephant, a venture capital firm which has a primary focus on disruptive software, internet, and mobile companies.
Ratehub is intending to use the funding to accelerate the growth of its mortgage and insurance offerings. In particular, the company is slated to build a digital platform that will allow Canadians to transact and process their mortgages entirely online, a move that Ratehub said will bring much needed efficiency and simplicity to Canadian homebuyers.
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“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,” the company stated.
“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,” Ratehub co-founder and Ratehub.ca CEO Alyssa Furtado said. “We are looking forward to launching new and enhanced financial product comparisons, and to continuing to bring financial transparency to Canadians.”
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