About Parachute
Parachute is a Financial Services company based in Toronto (Canada) founded in 2021 by Bruce Hodges and Mark Levitan. Financial well-being is supported through debt consolidation services. It operates on a FinTech and Subscription Services model. Parachute has raised $1.5 million across 1 funding round from investors including Highline Beta, Archangel Network and Rick Lunny. Parachute offers products and services including Debt Consolidation Loan and Financial Wellness Program. Its focus areas include Consumer Finance and Debt Consolidation. Its legal entity is White Hat Financial Inc. Its competitors include Mogo, Fairstone and Quad-Fi.
Company details
Debt consolidation services are provided by Parachute to help Canadians manage high-interest debt with lower monthly payments. Financial wellness is promoted through tracking dashboards, self-assessment quizzes, and educational content. Significant savings and cash-back benefits are offered to clients. The company operates in the consumer finance sector, focusing on rebuilding wealth and financial independence for its customers.
- Headquarters Toronto, Canada
- Founders Bruce Hodges, Mark Levitan
- SectorsFinancial Services
- Email••••••••
- Website myparachute.co
- Social LinkedIn
- Legal Name White Hat Financial Inc.
- Total Equity Funding$1.5M (USD)
in 1 rounds
- Latest Funding Round$1.5M (USD), Seed
Oct 2024
- InvestorsHighline Beta
& 2 more
Products & Services of Parachute
Parachute offers a comprehensive portfolio of products and services, including Debt Consolidation Loan and Financial Wellness Program.
Debt is consolidated into lower monthly payments here.
Progress is tracked through dashboards and quizzes monthly.
Funding Insights of Parachute
Parachute has successfully raised a total of $1.5M through 1 strategic funding round. The most recent funding activity was a Seed round of $1.5 million completed in October 2024. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $1.5M
- Total Rounds 1
- Last Round Seed — $1.5M
- First Round $1.5M
(Oct 2024)
- Investors Count 3
All 1 funding rounds of Parachute with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Oct 2024 | $1.5M | Seed | – | Archangel Network |
3 investors in total: 2 institutional and 1 angel.
Investors in Parachute
Parachute has secured backing from 3 investors, including venture fund and angel investors. Prominent investors backing the company include Highline Beta, Archangel Network and Rick Lunny.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Highline Beta is engaged in building and funding startups. | highlinebeta.com | |||
Investments in multiple sectors are facilitated by Archangel Network. | archangelnetwork.ca | |||
RL Rick Lunny | unknown_d0f8d80ad41f4d019 |
Investor details for Parachute
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
People of Parachute
2 people are tracked at Parachute (2 in leadership).
| Name | Role | Group |
|---|---|---|
Bruce Hodges | Co-Founder | Leadership |
Mark Levitan | Co-Founder | Leadership |
Complete people profiles for Parachute
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
Timeline of Parachute
2 dated milestones of Parachute across 3 years, from founding to its latest funding, stage changes and deals.
- Founded Parachute is founded.
- Funding First funding round of $1.5M.
Competitors of Parachute
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| mogo.ca | 2008 | Vancouver, Canada | Personal loans and lines of credit are provided by Mogo. | |||
| fairstone.ca | 1923 | Montreal, Canada | 971 | Diversified lending services are offered by Fairstone as an NBFI. | ||
| quadfi.com | 2018 | Toronto, Canada | Education financing is delivered via online student lending solutions. |
Detailed competitors of Parachute
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- Full competitor set
- Operating metrics
- Benchmarks
- Competitive positioning
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Frequently Asked Questions about Parachute
Parachute was founded in 2021 and raised its 1st funding round 3 years after it was founded.
Parachute is headquartered in Toronto, Canada. It is registered at Toronto, Ontario, Canada.
Parachute is a funded company, having raised a total of $1.5M across 1 funding round to date. The company's 1st funding round was a Seed of $1.5M, raised on Oct 2024.
Debt consolidation services are provided by Parachute to help Canadians manage high-interest debt with lower monthly payments. Financial wellness is promoted through tracking dashboards, self-assessment quizzes, and educational content. Significant savings and cash-back benefits are offered to clients. The company operates in the consumer finance sector, focusing on rebuilding wealth and financial independence for its customers.
Parachute offers Debt Consolidation Loan and Financial Wellness Program.
Parachute has 3 investors. Key investors include Highline Beta, Archangel Network, and Rick Lunny.
Parachute operates through White Hat Financial Inc..