A 2018 ICTA nomination
Toronto, ON (Jan. 15, 2018) – LowestRates.ca is an independent financial rate comparison website in Canada’s fast-growing financial technology (Fintech) sector. Through its proprietary quoting technology, LowestRates.ca is disrupting the traditional financial landscape, allowing Canadians to readily and freely compare insurance, credit card, mortgage, and loan offers from Canada’s leading financial institutions. The technology behind the website is designed with both consumers and the financial industry in mind; the interface makes it easy for consumers to save money, and the ad-free, clean layout makes it appealing for financial institutions to enjoy brand exposure on the highly trafficked website.
Although Canadians frequently use comparison websites for flights and hotels, personal finance rate comparison is still in its infancy in Canada, especially when compared to mature comparison markets such as the U.K. and the U.S. This is largely because Canadians tend to be blindly loyal to their banks; something that LowestRates.ca is working hard to change.
The services offered on LowestRates.ca appear to be resonating with Canadians. The company was named one of ‘Canada’s Top New Growth Companies’ by PROFIT Magazine in 2016 and 2017, with revenue growth of 1,754% and 384% respectively, to go along with annual revenue exceeding $7M. Furthermore, LowestRates.ca is cash-flow positive, meaning that instead of relying on seed funding to fuel growth, revenue is generated through a ‘bootstrapping’ philosophy that has resulted in profitable customer acquisition – a noteworthy feat in the world of tech startups.
Further evidence of the positive impact of LowestRates.ca’s technology can be seen in site usage. Since launching in 2012, LowestRates.ca has generated nearly 8 million pageviews — over half of which came in 2016 alone. The site traffic is driven primarily by inbound marketing. In other words, because LowestRates.ca ranks highly in search engine results for a number of popular personal finance terms, the site enjoys inbound traffic that is both of large quantity and high quality. LowestRates.ca’s ability to attract users who have ‘intent’ to act is also advantageous for their financial partners, who receive the best quality leads possible.
In sum, the proprietary technology behind LowestRates.ca has positioned the company as a leader in the growing financial rate comparison space. As Canadians become more comfortable shopping for personal finance products online, LowestRates.ca is uniquely positioned to meet their needs through its free, easy-to-use technology.
Success Enabled by Technology
LowestRates.ca’s proprietary quoting technology has impacted all aspects of the company’s growth. Starting with only $150,000 — and declining additional seed funding — has meant relying on technological innovation to grow. Launching with only a handful of industry partners, LowestRates.ca now works with over 100 financial companies, including banks, brokers, credit card companies, and lenders. All of the partners rely on LowestRates.ca’s technology and benefit from the high quality leads it generates.
Thanks to the quality of the traffic and usability of the site, the proprietary quoting technology that powers LowestRates.ca results in strong user conversion. Case in point, LowestRates.ca’s largest vertical – auto insurance – currently sees a conversion rate that hovers around 60%, meaning that well over half of the users who begin the quoting process, go on to complete it. The conversion rate is up approximately 10% from the previous year, thanks to ongoing user analysis and page improvements.
Therefore, the proprietary technology behind LowestRates.ca allows the company to efficiently find and help consumers who actually seek out their service. And to prove that their mission is working, the company is working towards a lofty goal of helping Canadians save one billion dollars in interest and financial fees.
About LowestRates.ca
Founded in Toronto in 2012, LowestRates.ca is a free-to-use, independent personal finance rate comparison website that allows users to compare insurance, credit card, mortgage, and loan offers from Canada’s leading financial institutions. LowestRates.ca was named one of Canada’s top 50 new growth companies in 2016 and 2017 by Profit Magazine, and the company’s Co-Founder and CEO, Justin Thouin, was a finalist for EY’s Ontario Entrepreneur of the Year in 2017. Millions of consumers have used the website to compare their financial options, and LowestRates.ca has a lofty goal of saving Canadians one billion dollars in interest and fees. More at www.lowestrates.ca.
SOURCE: LowestRates.ca
Tags: ICTA nomination, LowestRates.ca, Online Quoting Solution (OQS)
