Apollo Insurance, a Toronto, Canada-based digital insurance provider and innovator in the emerging embedded finance sector, raised CAD$18.5m in financing.
The financing was provided by Fair Capital Partners as lead arranger and agent and Innovation Federal Credit Union as lender.
Led by CEO Jeff McCann, Apollo Insurance is an online insurance provider whose proprietary platform allows insurance agents and their customers to purchase their policy immediately, from anywhere, on any device, 24/7.
The company has just launched 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. 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.
Launched in 2019, Apollo has partnered with property management companies, proptechs, insurance brokers, and other organizations to embed insurance products into their existing workflows. Partners include QuadReal, InterRent, and Yardi Systems.
FinSMEs
28/05/2024