September 14, 2021 by Jason Contant
Rate comparison site RATESDOTCA has acquired fellow aggregator LowestRates.ca.
LowestRates.ca will continue to operate as a separate site and independent source of financial services information and rates, LowestRates.ca co-founder and CEO Justin Thouin said in a LinkedIn post Monday.
Terms of the acquisition were not available. LowestRates.ca and RATESDOTCA could not be reached for comment by press time.
“I have also stepped down as CEO, but will stay connected to the company I am so passionate about as spokesperson and advisor to the board,” Thouin said in the LinkedIn post.
“In terms of what’s next for me — I don’t know!” Thouin wrote. “However, I am excited to use what I have learned building my own company from the ground up and to invest in new opportunities.
“What a ride the last 9.5 years have been,” he added. “We started LowestRates.ca with nothing more than an idea and $150,000. We decided to bootstrap and not take on any debt or additional funding. And here we are, having saved millions of Canadians over a billion dollars in interest and fees. I am fiercely proud of what we accomplished and the positive impact we made in this country.”
LowestRates.ca offers quotes for home insurance (including homeowners, tenants and condo owners), auto insurance, mortgages, credit cards, and loans.
For its part, RATESDOTCA (formerly Kanetix Ltd.) also offers home, tenant and condo insurance, as well as auto insurance (including commercial auto and motorcycle). In addition, RATESDOTCA aggregates rates for travel insurance, life and critical illness insurance, mortgages, credit card, and other products (such as investment accounts, and health and dental insurance).
In his LinkedIn post, Thouin noted that many people have been instrumental to the company’s success. “We built more than just a formidable team, but a family who cared deeply for one another and worked together towards a common mission with intensity and dedication,” he wrote. “I will miss working alongside you every day and will be cheering you and your new colleagues on as you continue to ensure that LowestRates.ca helps Canadians make better financial decisions.”
Feature image by iStock.com/glegorly