A $13.5 million ($18.5 million) investment was made by Canadian insurtech Apollo Insurance to launch FinShore, a new buy-now-pay-later (BNPL) subsidiary.

More than 100,000 Canadians, especially renters, will now have a BNPL insurance premium payment option thanks to this effort.

Fair Capital Partners, acting as the main arranger and agent, coordinated the FinShore capital infusion, while Innovation Federal Credit Union provided the loan.

For this deal, Apollo and FinShore’s only financial advisor was PricewaterhouseCoopers Corporate Finance Debt & Capital Advisory.

Insurance brokers can also access FinShore’s BNPL solution via Apollo’s digital portal.

After its 2019 launch, Apollo’s platform has partnered with other property management and proptech companies to offer entirely digital goods.

The solution integrates the process of acquiring insurance straight into property managers’ leasing workflow. Yardi Systems, InterRent, and QuadReal are some of Apollo’s partners.

“Establishing FinShore is an innovative step forward for Apollo and will do much to make the lives of Canadian renters easier,” stated Jeff McCann, CEO of Apollo. Given the current state of the economy and the growing trend of renting in Canada, customers are seeking payment solutions that offer flexibility. We are able to provide it to them because of our partnerships with FairCap, IFCU, and PwC CF.

“FairCap and IFCU are excited about this opportunity and look forward to building a long-term relationship with Apollo and FinShore,” stated Daniel Nanson, CEO of FairCap. This project is in line with our goal of providing fair and wise capital solutions to the lower middle class in North America.

Other recent events in the Canadian insurance sector include the acquisition of employee benefits solutions provider Dupuis Langen Group by insurance brokerage Westland Insurance, which broadened its product line.

The original author and publisher of “Apollo Insurance secures funding to launch BNPL subsidiary” was Life Insurance International, a company owned by GlobalData.