Editor’s Note: This story has been updated to include information from RATESDOTCA.
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 disclosed, but RATESDOTCA told Canadian Underwriter that it acquired LowestRates.ca in July. “Bringing LowestRates.ca to our group affirms our position as leaders in the Canadian aggregator space allowing us to serve more than 10 million shoppers each year. It’s business as usual for LowestRates.ca, with its primary focus on being the digital marketing arm for both P&C insurance and mortgage brokers across Canada.”
Thouin said in the LinkedIn post that he has stepped down as CEO, “but will stay connected to the company I am so passionate about as spokesperson and advisor to the board.
“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.”