The company was honoured among 50 of the fastest growing Canadian tech businesses
TORONTO, Nov. 15, 2018 /CNW/ - Today LowestRates.ca, an online recommendation site for personal finance products like insurance, mortgages, loans and credit cards, announced that it ranked 9th on Deloitte's Technology Fast 50™. The program and annual award distinguishes 50 Canadian technology companies for their rapid revenue growth, entrepreneurial spirit and bold innovation. Companies are ranked by the highest revenue-growth percentage over the past four years, with LowestRates.ca seeing 1859 per cent in revenue growth from 2014 to 2017.
The Deloitte Technology Fast 50 program winners consist of public and private companies in the technology sector, which have transformed the industry. Now in its 21st year, the program runs alongside the broader Deloitte North American Technology Fast 500™, with winners automatically eligible for this elite ranking.
"The team at LowestRates.ca is honoured to be recognized among so many other innovative companies on the Fast 50," says Justin Thouin, Co-Founder and CEO of LowestRates.ca. "We're incredibly proud of how much we've grown organically in such a short time from both a revenue perspective as well as the number of consumers visiting our site. We're excited to keep growing and to continue our mission of helping Canadians save money and make smarter financial decisions."
With rapid growth in the past five years, the company's near term goal is to save Canadians $1 billion in interest and fees. LowestRates.ca currently saves Canadians $250 million a year in car insurance costs alone. It has also increased the size of its team by about 50 per cent and recently moved to a new open concept, collaborative office space at Yonge and Davisville.
"Business is changing rapidly, and what used to work a few years ago isn't a recipe for what will work in the future," said Erica Pretorius, Partner and National Leader for the Technology Fast 50™ program at Deloitte Canada. "Fast 50 winners are a beacon of innovation and I'm looking forward to how they will change the business and technology landscape in the future."
To qualify for the Deloitte Technology Fast 50 ranking, companies must have been in business for at least four years, have revenues of at least $5 million, be headquartered in Canada, own proprietary technology, conduct research and development activities in Canada and invest a minimum of five per cent of gross revenues in R&D.
LowestRates.ca is an online rate comparison site for insurance, mortgages, loans and credit card rates in Canada. The free, independent service connects directly with financial institutions and providers from all over North America to offer Canadians a comprehensive list of rates. LowestRates.ca wants to help everyone become more financially literate, with a goal of saving Canadians $1 billion in interest and fees.
About the Deloitte Technology Fast 50™ - The Deloitte Technology Fast 50 program is Canada's pre-eminent technology awards program. Celebrating business growth, innovation and entrepreneurship, the program features three distinct categories including the Technology Fast 50 Ranking, Companies-to-Watch Awards (early-stage Canadian tech companies with the potential to be a future Deloitte Technology Fast 50 candidate) and the Leadership Awards (companies that demonstrate technological leadership and innovation within the industry.) Program sponsors include Deloitte, 3C Innovation, BCF Business Law, Bank of Montreal, Bennett Jones, CBRE, First West Capital and OMERS Ventures . For further information, visit www.fast50.ca.
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