Ratesdoctca raises $51 million

RATESDOTCA has completed a $51 million round of funding through a combination of additional equity investment from its majority shareholder Ontario Teachers’ Pension Plan Board and debt financing led by BMO Financial Group through a syndicated facility with TD Bank Group.

Founded in 1999, Ratesdoctca is the go-to online source for over 8 million Canadians who shop for insurance and money products. Its sites compare the most insurance providers in Canada today. Ontario Teachers’ acquired Ratesdoctca in 2018. The funding represents a new era for Ratesdoctca, providing capital to invest in the Ratesdoctca brand to become the premier consumer brand for comparison shopping of insurance and other financial products. In addition, the company will further invest in technology to create a world-class digital insurance shopping experience for consumers who are increasingly turning to online products since the onset of the COVID-19 pandemic.

Last quarter, the company launched the Ratesdoctca brand with a fresh, modern and Canadian identity, optimized the tools, and rolled its family of comparison sites including Kanetix.ca and RateSupermarket.ca into the one brand. This move centralized the best comparison products across both insurance and money product lines.

“We are excited to be working with three great organizations – Ontario Teachers’, BMO, and TD – and are confident in our long-term outlook as we push to grow our business rapidly in the next few years. Our goal is to help Canadians make better insurance and money decisions. The best way for us to do this is to focus this investment on bringing awareness to the power of comparison shopping, saving consumers millions of dollars, and making the buying experience for insurance and other financial products more transparent and easier for them.” – Igal Mayer, President and CEO of Ratesdoctca.