The people
What they build
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Working at LowestRates.ca
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On the TechTO stage
The Expedia for Personal Finance
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About
LowestRates.ca started because Justin Thouin got a bad mortgage renewal. On the FinTechTO stage in 2017 he described calling the other big banks himself, finding a better rate, and watching his own bank suddenly match it — then saving a thousand dollars by shopping his car insurance the same way. In the UK, he said, 70% of personal financial transactions started on rate-comparison sites; in Canada fewer than 10% of people had ever used one. He launched in 2012 with $150,000 and no money for advertising, so the company grew on organic Google search — 'one visitor a day turned to 10, turned to 100, turned to 100,000, turned to a million.' Thouin did not pay himself for three years and worked out of a windowless basement office the team called the dungeon. By October 2017 revenue was over $10 million a year, funded by customers rather than investors. The company was ranked among Canada's fastest-growing by the Growth 500 and Deloitte's Technology Fast 50. RATESDOTCA acquired it in September 2021; Thouin stepped down as CEO and stayed on as spokesperson and board advisor. LowestRates.ca continues to operate as a separate site.
Backers
No venture capital. Started with $150,000 and stayed profitable and debt-free — Thouin said on the TechTO stage in 2017 that the company was funded by its customers, and Insurance Business Canada reported the same at the 2021 exit. The Globe and Mail reported in 2018 that the $150,000 seed came from Thouin's barber for a 15% stake, after a Toronto VC firm passed. Acquired by RATESDOTCA Group in September 2021; terms not disclosed.
Quick answers
What does LowestRates.ca do?
It compares car insurance, mortgage, credit card and loan rates across Canadian providers. It is free for the consumer — the company makes money by selling the lead to the provider, which pays whether or not the consumer buys.
Who founded LowestRates.ca?
Justin Thouin co-founded it and launched the site in 2012 after a bad mortgage renewal convinced him Canadians had no way to shop personal financial products. He was CEO until 2021.
Did LowestRates.ca raise venture capital?
No. It started with $150,000 and grew on organic Google search rather than advertising. By October 2017 revenue was over $10 million a year with no investor funding.
Is LowestRates.ca still independent?
No. RATESDOTCA Group acquired it in September 2021. It still operates as a separate site from RATESDOTCA.