LowestRates.ca

What LowestRates.ca does

LowestRates.ca is a Toronto-based fintech founded in 2012 that operates an online rate comparison platform for Canadian financial products. The platform aggregates quotes from 50+ Canadian providers across auto, home, life, commercial, travel, condo, tenant, pet, health, dental, motorcycle, boat, RV, and specialty insurance products, along with mortgages, credit cards, and loans. Users complete a single form taking approximately three minutes, receive personalized quotes ranked from lowest to highest, and are connected to licensed brokers or providers to secure their selection.

The underlying technology is a comparison engine that integrates with individual provider quoting and underwriting systems to generate real-time quotes, with province-specific aggregation to handle Canadian regulatory variation (e.g., Saskatchewan Government Insurance for auto). The platform supports additional features such as telematics-based usage-based insurance, ride-sharing coverage, and bundling discounts for auto/home combinations. The website is SSL-encrypted and accessible across all 13 Canadian provinces and territories via desktop and mobile browsers.

Revenue is generated exclusively through performance-based referral fees paid by financial providers when referred customers complete transactions; the service is free for consumers with no subscription or fee of any kind. Marketing is conducted primarily through SEO, content marketing (MoneyMinded blog and newsletter), and earned media (2,400+ Trustpilot reviews rated 'Great'). The company reports helping 14+ million Canadians per year and claims over $1 billion in cumulative user savings since founding, while operating with a lean team of 11-50 employees.

Name

LowestRates.ca

Legal name

LowestRates.ca

Website

https://lowestrates.ca

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

LowestRates.ca is a Toronto-based online rate comparison platform founded in 2012 that aggregates quotes from 50+ Canadian financial providers across insurance, mortgage, credit card, and loan products, serving Canadian consumers free of charge via a referral-fee revenue model.

Ownership category

akta.pro rank

Product category

Financial Rate Comparison Platform

NAICS

Mortgage and Nonmortgage Loan Brokers (522310), Mortgage and Nonmortgage Loan Brokers (52231), Insurance Agencies and Brokerages (524210)

SIC

Loan Brokers (6163), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Mortgage Comparison, Marketplace & Rate-Shopping Platforms (FSALABAJ)

Keywords

• Insurance rate comparison
• Online financial comparison
• Mortgage rate aggregator
• Credit card comparison
• Canadian fintech comparison

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Digital Commerce or Content

Cost components

Technology or R&D, Marketing or Sales, Personnel, Operations

Revenue model

1. Referral Fees from Financial Providers: LowestRates.ca generates revenue by connecting Canadians with financial companies (insurance providers, mortgage lenders, credit card issuers). When a customer is referred to a partner company and completes a transaction, the partner pays LowestRates.ca a referral fee. This is a performance-based affiliate model where revenue is earned only when qualified referrals are converted.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

LowestRates.ca is an online rate comparison platform that lets Canadians compare quotes from 50+ financial providers for insurance (auto, home, life, commercial, travel, condo, tenant, pet, health, dental, motorcycle, boat, RV), mortgages, credit cards, and loans. Users complete a single form (about 3 minutes), receive ranked quotes, and are then connected to licensed brokers or agents to secure the chosen rate. The service is free for consumers, with revenue generated from referral fees paid by providers when customers are referred.

Product overview

LowestRates.ca is an online financial product rate comparison platform (not a broker) that aggregates and compares quotes from 50+ Canadian financial providers across two primary categories: Insurance products (auto, home, life, commercial, travel, condo, tenant, pet, health, dental, motorcycle, boat, RV, usage-based, ride-sharing, secondary driver, and third-party liability) and Personal Finance products (mortgages and credit cards). The core platform enables users to complete a single form to receive multiple personalized quotes ranked by price, which users can then secure by connecting with licensed brokers. The company generates revenue through referral fees paid by the financial providers when customers are referred, while the service remains free for users.

Differentiator

Problem solved

Functional benefit

Products and services

• Auto Insurance Online car insurance comparison that aggregates quotes from 50+ Canadian insurance providers (including CAA, Economical, Gore Mutual, Pafco, Pembridge, SGI, Travelers, Zenith, Coachman). Users complete a form in about 3 minutes to receive personalized auto insurance quotes ranked from lowest to highest price.
• Home Insurance Home insurance comparison for homeowners, condo owners, and tenants that compares quotes from 50+ Canadian providers. Covers property damage, personal possessions, personal liability, and additional living expenses, with options to bundle with auto insurance.
• Mortgage Rate Comparison Canadian mortgage rate comparison that provides access to 20+ mortgage rates from top banks and brokers. Displays current rates by type (fixed/variable), term length, and loan-to-value ratio for purchasing, refinancing, and renewing mortgages.
• Credit Card Comparison Credit card comparison service that allows Canadians to compare offers from leading credit card providers by category, including Rewards, No Fee, Low Interest, Balance Transfer, Guaranteed, Secured, Student, and Business cards.
• Life Insurance Life insurance comparison connecting users with quotes from 50+ Canadian life insurance providers. Offers term, permanent, whole life, universal life, and Term 100 policies with coverage terms ranging from 1 to 30 years.
• Commercial Insurance Business insurance comparison for small business owners covering general liability, employers liability, professional liability, errors and omissions, commercial property, commercial auto, and business interruption across industries such as construction, retail, food and beverage, and professional services.
• Travel Insurance Travel health insurance comparison providing quotes for trip coverage, emergency medical insurance, and snowbird travel insurance for Canadians traveling domestically or abroad, with redirection to RATESDOTCA for top insurance company quotes.
• Condo Insurance Condominium insurance comparison offering up to 15 condo insurance quotes from top Canadian providers, covering personal property, interior unit damage, liability protection, with all-perils or named-perils coverage options.
• Tenant Insurance Renter's insurance comparison for tenants, comparing quotes covering personal belongings, liability, and additional living expenses.
• Pet Insurance Pet insurance comparison allowing pet owners to find coverage for veterinary expenses, accidents, and illness for various pets.
• Health Insurance Health insurance comparison helping Canadians find affordable health coverage including medical, hospital, and supplemental health plans.
• Dental Insurance Dental insurance comparison for Canadians to find affordable dental coverage plans.
• Motorcycle Insurance Motorcycle insurance comparison for riders to compare quotes from Canadian insurance providers.
• Boat Insurance Boat insurance comparison for watercraft owners to compare coverage options.
• RV Insurance Recreational vehicle insurance comparison for RV owners to find coverage.
• Commercial Auto Insurance Business vehicle insurance covering company-owned or personal vehicles used for business operations, including higher liability limits, replacement vehicle coverage, and protection for equipment during transportation.
• Commercial Property Insurance Insurance for business physical assets including office buildings, retail spaces, warehouses, equipment, inventory, and electronics against perils such as fire, theft, and flooding.
• Loan Comparison Loan rate comparison enabling Canadian consumers to compare and access loan offers from Canadian providers through the LowestRates.ca platform.

Named customers1 record

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

38 partnerships are on record, tiered core.

• CAA (CAA Insurance)coreChannel Partner/ Reseller/ DistributorCAA is one of the 50+ Canadian insurance providers featured on LowestRates.ca for auto and home insurance quotes. CAA provides membership-based insurance products and is a well-known Canadian brand.
• Economical InsurancecoreChannel Partner/ Reseller/ DistributorEconomical Insurance is one of the leading Canadian insurance providers included in auto and home insurance comparisons on LowestRates.ca.
• Gore MutualcoreChannel Partner/ Reseller/ DistributorGore Mutual Insurance Company is featured as one of the Canadian insurance providers for auto and home insurance quote comparisons.
• PembridgecoreChannel Partner/ Reseller/ DistributorPembridge Insurance is one of the providers included in home insurance quote comparisons on LowestRates.ca.
• Wawanesa InsurancecoreChannel Partner/ Reseller/ DistributorWawanesa Insurance, a Canadian mutual insurance company, is featured as a provider for home and auto insurance quotes on the platform.
• Dominion InsurancecoreChannel Partner/ Reseller/ DistributorDominion Insurance is included among the Canadian home insurance providers available for comparison on LowestRates.ca.
• Max InsurancecoreChannel Partner/ Reseller/ DistributorMax Insurance is one of the home insurance providers featured in LowestRates.ca comparison quotes.
• SGI (Saskatchewan Government Insurance)coreChannel Partner/ Reseller/ DistributorSGI is featured as an auto insurance provider on LowestRates.ca, particularly for provincial coverage in Saskatchewan.
• Travelers InsurancecoreChannel Partner/ Reseller/ DistributorTravelers Insurance Company of Canada is included among the auto insurance providers available for comparison on LowestRates.ca.
• Zenith Insurance CompanycoreChannel Partner/ Reseller/ DistributorZenith Insurance Company provides auto insurance quotes through the LowestRates.ca platform.
• Coachman Insurance CompanycoreChannel Partner/ Reseller/ DistributorCoachman Insurance Company is one of the auto insurance providers featured in LowestRates.ca comparisons.
• Pafco InsurancecoreChannel Partner/ Reseller/ DistributorPafco Insurance is included as a provider for auto insurance quotes on LowestRates.ca.
• TD Canada TrustcoreChannel Partner/ Reseller/ DistributorTD Canada Trust is one of the major Canadian banks whose mortgage rates are available for comparison on LowestRates.ca.
• ScotiabankcoreChannel Partner/ Reseller/ DistributorScotiabank is featured as one of the top Canadian banks providing mortgage rates through LowestRates.ca comparison platform.
• BMO Bank of MontrealcoreChannel Partner/ Reseller/ DistributorBMO Bank of Montreal is one of the major Canadian chartered banks whose mortgage rates are included in LowestRates.ca comparisons.
• First NationalcoreChannel Partner/ Reseller/ DistributorFirst National Financial LP is a mortgage lender featured on LowestRates.ca for mortgage rate comparisons.
• MCAPcoreChannel Partner/ Reseller/ DistributorMCAP is a mortgage lender included among the providers for mortgage rate comparisons on LowestRates.ca.
• Canada LifecoreChannel Partner/ Reseller/ DistributorCanada Life is one of the major Canadian life insurance providers available for comparison on LowestRates.ca.
• ManulifecoreChannel Partner/ Reseller/ DistributorManulife Financial is featured as a life insurance provider on LowestRates.ca for comparing term, permanent, and universal life policies.
• Sun Life FinancialcoreChannel Partner/ Reseller/ DistributorSun Life Financial is one of the leading Canadian life insurance companies included in LowestRates.ca comparisons.
• Desjardins Life InsurancecoreChannel Partner/ Reseller/ DistributorDesjardins Life Insurance is included among the life insurance providers available through LowestRates.ca.
• iA Financial GroupcoreChannel Partner/ Reseller/ DistributoriA Financial Group (Industrial Alliance) provides life insurance products available for comparison on LowestRates.ca.
• RBC Life InsurancecoreChannel Partner/ Reseller/ DistributorRBC Life Insurance is included among the life insurance providers on LowestRates.ca.
• Canada Protection PlancoreChannel Partner/ Reseller/ DistributorCanada Protection Plan is featured as a life insurance provider on LowestRates.ca, specializing in no-medical exam policies.
• Intact GroupcoreChannel Partner/ Reseller/ DistributorIntact Group is cited as one of the largest commercial insurance companies in Canada and is featured on LowestRates.ca for commercial insurance comparisons.
• Desjardins GroupcoreChannel Partner/ Reseller/ DistributorDesjardins Group, one of Canada's largest insurance groups, is featured for commercial insurance quotes on LowestRates.ca.
• Aviva GroupcoreChannel Partner/ Reseller/ DistributorAviva Group is listed as a major commercial insurance provider available through LowestRates.ca.
• Co-operators GroupcoreChannel Partner/ Reseller/ DistributorCo-operators Group is included among the largest Canadian commercial insurance providers on LowestRates.ca.
• Wawanesa Mutual Insurance CompanycoreChannel Partner/ Reseller/ DistributorWawanesa Mutual Insurance Company provides commercial insurance products available for comparison on LowestRates.ca.
• TD Insurance GroupcoreChannel Partner/ Reseller/ DistributorTD Insurance Group is one of the major commercial insurance providers featured on LowestRates.ca.
• Economical GroupcoreChannel Partner/ Reseller/ DistributorEconomical Group (including Sonnival brand) provides commercial insurance through LowestRates.ca platform.
• Northbridge GroupcoreChannel Partner/ Reseller/ DistributorNorthbridge Group is listed as one of the largest commercial insurance providers available through LowestRates.ca.
• SonnetcoreChannel Partner/ Reseller/ DistributorSonnet Insurance is cited as a commercial auto insurance provider available through LowestRates.ca.
• EnsurcocoreChannel Partner/ Reseller/ DistributorEnsurco is included as a commercial auto insurance provider on LowestRates.ca.
• Aviva CanadacoreChannel Partner/ Reseller/ DistributorAviva Canada provides commercial auto insurance available for comparison on LowestRates.ca.
• IntactcoreChannel Partner/ Reseller/ DistributorIntact Insurance is featured as a commercial auto insurance provider on LowestRates.ca.
• State Farm CanadacoreChannel Partner/ Reseller/ DistributorState Farm Canada provides commercial auto insurance products available through LowestRates.ca.
• Zurich CanadacoreChannel Partner/ Reseller/ DistributorZurich Canada is included as a commercial auto insurance provider on LowestRates.ca.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• LendingTree: LendingTree operates a multi-vertical financial product comparison marketplace with an affiliate/referral economics model across lending, credit, and insurance — comparable to LowestRates.ca's platform structure and revenue mechanics.
• NerdWallet: NerdWallet is a US-headquartered financial product comparison and content platform operating an affiliate-referral revenue model across credit cards, loans, mortgages, and insurance — the direct conceptual analog to LowestRates.ca's model, though at greater scale and in a different geographic market.
• Credit Karma: Credit Karma (now owned by Intuit) operates as a Canada and US personal finance comparison and recommendation platform, sharing LowestRates.ca's affiliate-driven model across credit cards, loans, and adjacent financial products.

Direct peers

• RATESDOTCA: RATESDOTCA / Rates.ca is Canada's largest insurance and financial product comparison marketplace, directly competing with LowestRates.ca in auto, home, travel, and mortgage rate comparison for Canadian consumers using a similar provider-aggregation and referral-fee model.
• Kanetix: Kanetix.ca is a Canadian online comparison platform for insurance, mortgage, and financial products, operating an aggregator and referral model closely mirroring LowestRates.ca across insurance and mortgage categories.
• InsuranceHotline.com: InsuranceHotline.com is a Canadian insurance comparison service aggregating quotes from multiple insurers; it competes directly with LowestRates.ca in auto and home insurance comparison and lead-generation.

Emerging players

• WOWA: Wowa.ca is a Canadian real-estate and financial comparison platform focused on mortgage rates, with adjacent insurance comparison — overlapping with LowestRates.ca's mortgage marketplace vertical in Canada.
• Borrowell: Borrowell is a Canadian fintech providing free credit scores along with credit card, loan, and product comparison — overlapping with LowestRates.ca in credit-card comparison and adjacent personal finance verticals.
• PolicyMe: PolicyMe is a Canadian online life insurance brokerage and comparison provider — competing in the life insurance comparison vertical of LowestRates.ca with a more direct digital bind experience.

Others

• MoneyLion: MoneyLion is a US digital personal finance platform combining comparison, lending, and financial content; while operating in a different geography, it provides a comparable affiliate-led comparison revenue model relevant to the fintech comparison category.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/lowestrates_ca
• Facebookfacebook.com/LowestRates
• LinkedInlinkedin.com/company/lowestratesca

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LowestRates.ca