iA Financial partners with Clutch

iA Financial Group has made a $10 million investment in Clutch Canada , an online platform for selling and buying cars.

Founded in 2017, Clutch posted sales of over 8k used vehicles through its online platform in 2023, making it one of Canada’s largest retailers of used vehicles. The startup raised around $220 million in funding.

The investment will enable iA Financial to develop its expertise in selling products on an entirely online basis. Clutch customers will now enjoy a simple and complete experience in a single online transaction, from purchasing a vehicle to selecting certain types of coverage.

Clutch customers are currently able to purchase iA Financial Group extended warranty and guaranteed asset protection products.

“Clutch was founded to offer Canadians a seamless and transparent car buying experience, ensuring complete peace of mind. We are thrilled to partner with iA Financial Group to further elevate our user experience and provide best-in-class warranty and insurance products to our customers.” – Dan Park, CEO of Clutch.

“iA Financial Group has long been a leader in the Canadian dealer services market. With this strategic investment in Clutch, we are adding online sales as a new product distribution channel to our current extensive network of automotive dealer services. As a result, we are well positioned to serve consumers in their preferred way when they purchase vehicles and insurance products.” – Pierre Miron, Executive Vice-President and Chief Growth Officer Canadian Operations at iA Financial Group.