APOLLO, a Canadian digital insurance provider and innovator in the emerging embedded finance sector, created and launched FinShore, a wholly owned buy-now-pay-later subsidiary. The CAD $18.5 million (USD $13.6 million) financing for the new company was provided by Fair Capital Partners (FairCap) as lead arranger and agent and Innovation Federal Credit Union (IFCU) as lender. PricewaterhouseCoopers Corporate Finance Debt & Capital Advisory (PwC CF) acted as exclusive financial advisor to APOLLO and FinShore.
“Establishing FinShore is an innovative step forward for APOLLO, and will do much to make the lives of Canadian renters easier,” Jeff McCann, CEO of APOLLO, said. “In this economic climate, particularly with the rise of renting across Canada, consumers are looking for flexibility in their payment options. Thanks to our partners at FairCap, IFCU and PwC CF, we are able to offer that to them.”
“Both FairCap and IFCU are excited about this opportunity, and look forward to building a long-term relationship with APOLLO and FinShore,” Daniel Nanson, CEO of FairCap, said. “This venture aligns well with our mission to empower the North American lower middle market with fair, intelligent capital solutions.”
