TORONTO--(BUSINESS WIRE)--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. 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.”
APOLLO’s digital platform launched in 2019, and began serving Canadian consumers with fully digital insurance products. Since then, APOLLO 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.”
About APOLLO Insurance
APOLLO Insurance (“Apollo Insurance Solutions Ltd. and its subsidiaries”) is Canada’s leading online insurance provider. Our proprietary platform allows insurance agents and their customers to purchase their policy immediately, from anywhere, on any device, 24/7. Unlike traditional paper-based processes, APOLLO leverages extensive data and sophisticated algorithms to quote, collect a payment, and issue policies without human intervention.
Through traditional agents and embedded finance partnerships, APOLLO is redefining the distribution of insurance. For more information, visit: https://apollocover.com/
About FairCap
FairCap is a leading alternative investment firm and bespoke solutions provider, focused on private debt solutions for the lower-to-middle market in North America.
FairCap was founded by a diverse team of investment professionals who have spun-off from a large global corporate and investment bank, and small boutique debt advisory firm. The team has a long track record of successfully creating value in the middle market by adhering to a core set of investment principles. For more information, visit: https://www.faircap.co/
About PricewaterhouseCoopers Corporate Finance Debt & Capital Advisory
PwC CF advises on all stages of the debt financing life cycle, helping borrowers evaluate debt and equity alternatives to achieve the best financing solutions. For more information, visit: https://www.pwc.com/ca/en/services/deals/corporate-finance.html/
