Apollo Insurance Raises CAD$18.5M in Funding

APOLLO, a Canadian digital insurance provider and leading innovator in the emerging embedded finance sector, is pleased to announce the creation and launch of FinShore, a wholly owned buy-now-pay-later subsidiary.

Source: Business Wire

FinShore provides a fully embedded monthly payment option to over 100,000 Canadians insured with APOLLO.

The financing for the new company was provided by Fair Capital Partners Inc. (“FairCap”) as lead arranger and agent and Innovation Federal Credit Union (“IFCU”) as lender. PricewaterhouseCoopers Corporate Finance Debt & Capital Advisory (“PwC CF”) acted as exclusive financial advisor to APOLLO and FinShore.

FinShore will allow Canadians, and particularly renters, to take advantage of a buy-now-pay-later facility for their insurance premiums. It will also support APOLLO’s cohort of insurance broker partners who use the APOLLO platform to transact insurance business on behalf of their clients.

“Establishing FinShore is an innovative step forward for APOLLO, and will do much to make the lives of Canadian renters easier,” said APOLLO CEO Jeff McCann. “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.”

“Both FairCap and IFCU are excited about this opportunity, and look forward to building a long-term relationship with APOLLO and FinShore,” said Daniel Nanson, FairCap CEO. “This venture aligns well with our mission to empower the North American lower middle market with fair, intelligent capital solutions.”

Read full article: https://www.businesswire.com/news/home/20240527928752/en/APOLLO-Insurance-Raises-CAD-18.5-Million-to-Launch-FinShore-Buy-now-pay-later-Subsidiary

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