Toronto based financial product comparison startup Ratehub has raised a $12m Series A round led by Elephant Partners LP.
Ratehub's business, roughly speaking, is split evenly between Ratehub.ca and CanWise Financial. On Ratehub.ca, there is advertising and the company gets fees from banks and the like when it connects a customer with a service, such as $100 for a credit card or $200 for a mortgage. Ratehub did not disclose a new valuation or sales data. Ms. Furtado said the Elephant financing values Ratehub at a level "many times higher" than the $14-million deal on Dragons' Den would have. Ratehub did not reiterate its previously stated goal of $100-million in sales by 2021, but James Laird, a co-founder of Ratehub and president of its mortgage brokerage, said, "We're pacing in that direction, certainly."