Montréal-based FinTech company HelloSafe has secured $4.2 million in a seed round led by OneRagtime and Kima Ventures.
This funding will be allocated towards increasing the size of HelloSafe’s teams, improving the user experience on its platforms, and expanding into new product categories in Canada, according to HelloSafe.
Led by co-founders Oleksiy Lysogub (CEO and CTO) and Pauline Laurore (CMO), HelloSafe develops insurance, investment, savings, and credit product comparison solutions for individuals and businesses.
HelloSafe said its more than 100 comparison tools have more than one million monthly visitors in Canada.
“Despite the big differences between financial products, we see a lot of similarities in the need of our users in Canada for information and a better way to compare products and services,” said Laurore. “This success validates the scalability of our technology and our vision.”
Since launching its platform last year, HelloSafe has established multiple partnerships to expand that platform. In recent months, HelloSafe announced a business partnership with Oxio, an internet and TV services provider, to integrate Oxio’s internet, TV, and home phone offers into HelloSafe’s comparison tools.
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HelloSafe has also entered similar deals with insurtech company Foxquilt and commercial insurance brokerage Zensurance.
HelloSafe currently has a 50-person workforce, and has plans to hire an additional 40 people into its technical, marketing, and sales departments by the end of 2023. This expansion, according to the startup, will allow it to accelerate the deployment of its platform in English-speaking provinces.
As the steady rise of inflation rates continues to put economic pressure on consumers, a growing number of tech providers in Canada are offering price comparison tools to help with financial planning.
In addition to HelloSafe, other Canadian players in this price comparison platform space include Ratehub, RatesDotCA, Hardbacon, and Coverhound.
Featured image from HelloSafe’s website.