Innovative Buy-Now-Pay-Later Insurance Option Launched by APOLLO in Canada

APOLLO Launches FinShore, a Buy-Now-Pay-Later Subsidiary, Making Insurance Access Easier for Canadians

TORONTO, May 27, 2024– APOLLO, a Canadian digital insurance provider, has introduced FinShore, a buy-now-pay-later subsidiary, to provide over 100,000 Canadians with a fully embedded monthly payment option for their insurance premiums. This innovative move aims to make accessing insurance easier for Canadians, especially renters, by offering flexible payment options.

The financing for FinShore was secured through Fair Capital Partners Inc. as the lead arranger and agent, with Innovation Federal Credit Union as the lender. PricewaterhouseCoopers Corporate Finance Debt & Capital Advisory played a key role as the exclusive financial advisor to APOLLO and FinShore in this venture.

APOLLO CEO Jeff McCann expressed excitement about the launch of FinShore, 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, consumers are looking for flexibility in their payment options, and thanks to our partners, we are able to offer that to them.”

Since its digital platform launch in 2019, APOLLO has been at the forefront of providing fully digital insurance products to Canadian consumers. The company has partnered with various organizations, including property management companies, proptechs, and insurance brokers, to embed insurance products into their existing workflows. Some of APOLLO’s partners include QuadReal, InterRent, and Yardi Systems.

Fair Capital Partners and Innovation Federal Credit Union are excited about the opportunity presented by FinShore and look forward to building a long-term relationship with APOLLO. Daniel Nanson, CEO of FairCap, stated, “This venture aligns well with our mission to empower the North American lower middle market with fair, intelligent capital solutions.”

APOLLO Insurance is known for its innovative approach to insurance distribution, leveraging data and algorithms to provide a seamless purchasing experience for agents and customers. Through traditional agents and embedded finance partnerships, APOLLO is redefining the insurance distribution landscape.

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