RateHub Inc., an online comparison platform for mortgage rates, credit cards and insurance, has acquired personal finance media brand MoneySense from Rogers Media.
According to a press release, Rogers and Ratehub are expected to close the deal Dec. 1 for an undisclosed amount. Ratehub ensures that MoneySense will continue to operate as a distinct, independent brand and will not include any of its content on the Ratehub site.
Alyssa Richard, co-founder of Ratehub stated in a post on MoneySense’s site that readers, “can be sure that transparency, quality, and consistency will continue to be the guiding principles behind all the personal finance stories and features you read.”
Ratehub, known for its rate-comparison tool that looks at major financial institutions across Canada, has apparently been working with MoneySense sharing personal finance information and offering its credit card finder tool on the MoneySense website since 2016.
“We see this acquisition as a way to extend our partnership even further and bring Canadians more comparison tools in areas such as mortgages, investing and savings vehicles, and insurance products,” James Laird, co-founder of Ratehub Inc. and President of CanWise Financial said in the release.
MoneySense sees more than 700,000 people visit its site per month. In the post, Richard also noted that by working with Ratehub the site will hopefully reach a wider audience and increase that amount of visits per month.
Formerly a print magazine as well, MoneySense moved to a digital-only platform in 2016, when according to a CBC report, Rogers Media axed the print version among other large cutbacks in the fall of that year.
The report also states that more sell-offs are likely to come as Rogers was previously looking to get sell of Maclean’s, MoneySense, Canadian Business, Today’s Parent, Flare, Chatelaine to publisher Graham Roustan, until the deal fell through.
Rick Brace, president of Rogers Media stated in the press release, “It was important to us to find a good home for MoneySense, where the brand would continue to flourish and deliver high-quality content.”
In her post, Richard stated that Ratehub plans to “revitalize [the] experience on the MoneySense site by investing in its editorial team and online user experience.”
The financial comparison platform appears to be in a mission to become a more trusted personal finance brand. It hosted a Series A investment round in January, raising $12 million, planning to use the funds to expand its insurance services and digitize its mortgage process.
It stated in the release that “acquiring MoneySense is the next step in Ratehub’s journey of empowering more Canadians in improving their financial lives.”