APOLLO Insurance raises CAD $18.5m to launch BNPL subsidiary

By Gloria Methri

Canadian digital insurance provider APOLLO has announced the launch of FinShore, its wholly-owned buy-now-pay-later subsidiary. FinShore provides a fully embedded monthly payment option to over 100,000 Canadians insured with APOLLO.

Fair Capital Partners Inc., as lead arranger and agent, and Innovation Federal Credit Union (IFCU), as lender, provided financing for the new company.

FinShore will enable Canadians, particularly renters, to benefit from 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 can offer that to them.”

APOLLO’s digital platform launched in 2019 and began serving Canadian consumers with fully digital insurance products. Since then, the firm has partnered with property management companies, PropTechs, insurance brokers, and other organizations to embed insurance products into their existing workflows. For property managers, the insurance purchase experience is embedded directly into the leasing workflow. Some of APOLLO’s partners include QuadReal, InterRent, and Yardi Systems.

“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.”