APOLLO launches FinShore for buy-now-pay-later insurance services
APOLLO, a leader in Canadian digital insurance, has announced the establishment of its new subsidiary, FinShore, which will offer innovative buy-now-pay-later options to over 100,000 insured Canadians. This move, facilitated by financing from Fair Capital Partners Inc. (“FairCap”) and Innovation Federal Credit Union (“IFCU”), marks a significant development in the emerging embedded finance sector.
Enhancing Payment Flexibility for Canadian Renters
FinShore is set to transform how renters in Canada manage their insurance payments, providing a flexible and integrated monthly payment solution. This initiative is designed to support APOLLO’s network of insurance broker partners and is directly embedded into APOLLO’s existing digital platform, which has been operational since 2019.
Jeff McCann, CEO of APOLLO, expressed his enthusiasm for the new subsidiary, stating, “Establishing FinShore is an innovative step forward for APOLLO, and will do much to make the lives of Canadian renters easier. In this economic climate, particularly with the rise of renting across Canada, consumers are looking for flexibility in their payment options.”
Strategic Collaboration and Support
The launch of FinShore has been made possible through strategic collaborations with FairCap, serving as the lead arranger and agent, and IFCU, acting as the lender. PricewaterhouseCoopers Corporate Finance Debt & Capital Advisory (“PwC CF”) also played a crucial role as the exclusive financial advisor to APOLLO and FinShore.
Daniel Nanson, CEO of FairCap, highlighted the partnership’s potential, saying, “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.”
Expanding Digital Insurance Services
Since its inception, APOLLO has been at the forefront of digital insurance in Canada, partnering with various property management companies, proptechs, insurance brokers, and organizations to integrate insurance products seamlessly into their services. Notable partners include QuadReal, InterRent, and Yardi Systems, which have facilitated the embedding of insurance purchasing directly into leasing workflows.