Launched in 2012 in the UAE by Jon Richards and Samer Chebab, compareit4me is the leading financial comparison platform in the Middle East that helps users to find and compare credit cards, personal loans, mortgages, car loans, insurance and bank accounts from a diverse range of local and international banks and financial institutions.
Until recently, compareit4me focused solely on comparing banking products and services, helping new clients select the best banking options from over 10 insurers and 25 products. However, early last year, compareit4me launched their end-to-end car insurance comparison platform, which allows users to compare and buy instant car insurance quotes and online via credit card or cash collection, a first in the MENA region. The new product has already generated more than 20,000 quotes, sold more than 600 car insurance policies, and saved customers almost AED 1 million in its first month of operation. Since launching the car insurance platform in March, the firm’s revenues have grown approximately 2.5 times, they have sold close to $2M policies and the firm is growing 80% per month, according to Richards.
In addition to those successes, the comparison site secured $2.4M in investment in its latest funding round, with more than half of the investment coming from repeating investors Wamda Capital, STC Ventures, and Dubai Silicon Oasis Authority, who invested $3M in the company’s Series A funding round in 2015, bringing the total amount the company has raised to almost $6M. Compareit4me will use the investment to build its recently launched UAE car, home, travel and life insurance comparison business and fund a wider expansion across the MENA region. Compareit4me currently has eight countries already on board, and plan to make their services available across all of MENA as well as in Asia and Africa.