In January this year, APOLLO raised $109.72m. Credit: Mediamodifier from Pixabay.

Canada-based APOLLO Insurance has teamed up with Chroma Property Technologies to launch digital insurance products targeted at tenants and landlords.

The plan will be delivered directly from Chroma’s platform, which allows renters to pay their rent. It will soon allow users to build a credit history from rent payments.

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The offering streamlines accepting, tracking, and managing rent payments and leases for landlords and property managers.

APOLLO Insurance business development manager Yonas Alemyehu said: “APOLLO is excited to partner with such a visionary proptech company.

“APOLLO is able to provide forward-thinking companies with an immediate digital solution that not only improves the user experience, it also provides Chroma with valuable data to mitigate their users’ risk.”

Chroma co-founder and CEO Myles Shedden said: “We’re delighted to be partnering with APOLLO to ensure our users can easily access incredible products that protect what’s most important to them.”

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Founded in 2019, APOLLO offers online insurance in Canada through brokers and strategic partnerships.

In January this year, APOLLO raised $109.72m (C$13.5m) Series A financing round.

APOLLO noted that its proprietary technology platform, dubbed APOLLO Exchange, leverages data and algorithms to quote, collect a payment, create and deliver policies.

Thousands of types of small businesses and individuals can buy insurance online without human intervention, it added.

In August 2020, another Canada-based insurtech Breathe Life, an enterprise SaaS platform for life insurance, raised $8.7m (C$11.5m) in funding.