APOLLO launches FinShore

Tuesday 28 May 2024 15:18 CET | News

Canada-based digital insurance provider APOLLO has announced the launch of FinShore, a wholly owned Buy Now, Pay Later (BNPL) subsidiary. 

As per the information detailed in the press release, APOLLO introduced FinShore, a subsidiary that offers a fully embedded monthly payment option to over 100,000 Canadians insured by the company. While the financing for the new firm being was provided by Fair Capital Partners (FairCap) as lead arranger and agent and Innovation Federal Credit Union (IFCU) as a lender, PricewaterhouseCoopers Corporate Finance Debt and Capital Advisory (PwC CF) acted as exclusive financial advisor to APOLLO and FinShore.

Canada-based digital insurance provider APOLLO has announced the launch of FinShore, a wholly owned Buy Now, Pay Later (BNPL) subsidiary.

More information about FinShore and its capabilities

By launching FinShore, APOLLO intends to enable Canadians, specifically renters, to benefit from a BNPL facility for their insurance premiums. Additionally, the move is set to support APOLLO’s cohort of insurance broker partners who leverage the company’s platform to transact insurance business on behalf of their clients. According to APOLLO’s officials, developing and introducing FinShore assists the insurance provider’s development strategy, while also supporting Canadian renters by equipping them with a simplified process. Considering the economic climate, especially with the increase in renting across Canada, consumers require flexibility and convenience in their payment options. By partnering with FairCap, IFCU, and PwC CF, APOLLO intends to deliver these capabilities to customers and expand its operations.

Representatives from FairCap underscored that both their company and IFCU look forward to developing a long-term relationship with APOLLO and FinShore. The current announcement and the launch of the venture align with FairCap’s commitment to enable the North American lower middle market with intelligent capital solutions.

Moreover, since the launch of its platform in 2019, APOLLO has been providing Canadian consumers with fully digital insurance products. In addition, the firm collaborated with property management companies, proptechs, insurance brokers, and other organisations to embed insurance services into their existing workflows. When it comes to property managers, the insurance purchase experience is embedded into the leasing workflow. Some of APOLLO’s partners include QuadReal, InterRent, and Yardi Systems.

Also, APOLLO’s proprietary platform focuses on enabling insurance agents and their customers to purchase their policy immediately, on any device. The company utilises extensive data and algorithms to quote, collect payments, and issue policies without human intervention. APOLLO highlighted its allegiance to improving the distribution of insurance via traditional agents and Embedded Finance partnerships.

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Keywords: product launch, BNPL, insurance, insurtech, payments , payment methods
Categories: Payments & Commerce
Companies: Apollo
Countries: Canada
This article is part of category

Payments & Commerce


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