How APOLLO’s Latest Launch Provides Payment Flexibility to Renters in Canada

Canadian digital insurance provider APOLLO this week unveiled the launch of FinShore, a buy-now-pay-later subsidiary.

FinShore now provides a fully embedded monthly payment option to the 100,000 Canadians who are insured with APOLLO.

“In this economic climate, particularly with the rise of renting across Canada, consumers are looking for flexibility in their payment options,” says Jeff McCann, who serves APOLLO as chief executive officer. “Establishing FinShore is an innovative step forward for APOLLO, and will do much to make the lives of Canadian renters easier.”

FinShore will allow Canadians, particularly renters, to take advantage of a buy-now-pay-later facility for their insurance premiums, according to McCan, who adds that the platform will also support APOLLO’s cohort of insurance broker partners who use the firm to transact insurance business on behalf of their clients.

Financing to launch the subsidiary to the tune of $18 million was provided by Fair Capital Partners, the Innovation Federal Credit Union, and PwC’s corporate finance division.

“This venture aligns well with our mission to empower the North American lower middle market with fair, intelligent capital solutions,” stated Daniel Nanson, CEO of FairCap.

“Both FairCap and IFCU are excited about this opportunity and look forward to building a long-term relationship with APOLLO and FinShore,” he continued.

APOLLO launched to fanfare in Vancouver in 2019 with fully digital insurance products.

Now based in Toronto, APOLLO has since raised capital (multiple times) and partnered with property management companies, prop-techs, insurance brokers, and other organizations to embed insurance products into their existing workflows—including QuadReal, InterRent, and Yardi Systems.