Toronto-based Ratehub has acquired personal finance magazine MoneySense.
The deal is expected to close on December 1, 2018, with Ratehub and MoneySense continuing to operate as distinct brands.
Launched in 1999, MoneySense ceased publication of its print edition of 2016, operating online-only by January 2017. The brand attracts 700,000 monthly users with its focus on personal finance. For its part, Ratehub, which launched as a rate comparison website for financial products like credit cards, is looking to expand beyond the product and “become the most trusted personal finance brand in Canada,” according to a release. Ratehub’s recently raised a $12 million Series A to fuel its growth.
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“At Ratehub, our mission is to help Canadians make smarter financial decisions. Acquiring MoneySense was the next step in this mission, allowing us to give more Canadians the advice, tools, and insights they need to take control of their money,” said Alyssa Furtado, co-founder and CEO of Ratehub. “We want to maintain MoneySense’s brand as a trusted source of financial advice for Canadians, and we believe it has even more room to grow.”
MoneySense was one of several Rogers Media publications on the selling block; while The Globe and Mail reported in October 2018 that magazines like Canadian Business, Today’s Parent, and Chatelaine’s French and English editions were among seven other publications for sale to The Hockey News, MoneySense was not part of the bundle. Notably, The Globe and Mail recently reported that the deal to sell the other seven publications had fallen through.
“It was important to us to find a good home for MoneySense, where the brand would continue to flourish and deliver high-quality content,” said Rick Brace, president of Rogers Media. “There is a strong connection between MoneySense and Ratehub Inc., with both focusing on helping consumers make smart financial decisions.”