Arabnet - The Quarterly - - Entrepreneurship -

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.

Newspapers in English

Newspapers from Lebanon

© PressReader. All rights reserved.