Insurtech APOLLO has raised $13.4 mn to establish its buy-now-pay-later (BNPL) subsidiary, Finshore.
APOLLO, launched in 2019, offers fully digital products to Canadian consumers.
FinShore will provide a fully embedded monthly payment option to over 100,000 Canadians who are insured with Apollo.
Since then, APOLLO has partnered with property management companies, insurance brokers, and PropTech firms, integrating insurance products into existing workflows.
APOLLO collaborates with property managers to embed insurance purchases directly into the leasing process. Key partners include QuadReal, InterRent, and Yardi Systems.
FinShore enables customers to use a BNPL facility for their insurance premiums and allows APOLLO’s insurance broker partners to handle transactions on behalf of their clients.
Fair Capital Partners led the financing for FinShore, with Innovation Federal Credit Union as the lender. PWC Finance Debt & Capital Advisory served as the exclusive financial advisor to APOLLO and FinShore.
Establishing FinShore is an innovative step forward for APOLLO, and will do much to make the lives of Canadian renters easier.
Jeff McCann, APOLLO CEO
“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.”
Daniel Nanson, FairCap CEO 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.”
