RateHub, a search engine that allows users to compare prices on financial products, is receiving up to $495,000 from the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP).
The funding is based on a development and research plan for the company’s R&D; as the company executes its plan, they can submit claims to the IRAP team and be reimbursed for the cost incurred. “In essence, we are both sharing in the cost of R&D that IRAP believes will be beneficial to Canada,” said RateHub CEO and founder Alyssa Furtado.
The company plans to use the funding to develop new products, including a portal where users can input detailed financial information to receive personalized product recommendations across each of RateHub’s verticals: mortgage rates, credit card, savings account, and insurance comparisons.
“We believe that custom recommendations and individualization are the next frontier for product comparison sites like ours, and is in line with the direction of the FinTech sector,” said Alyssa Furtado, CEO of RateHub.ca. “The government has provided us this contribution to leverage our experience building industry-leading tools, and continue to modernize the financial services industry in Canada. We are excited to continue our mission to bring financial transparency and empowered decision-making to Canadians.”