Gocompare invests in Dubai-based business

Price comparison site Gocompare has announced its first overseas investment with the acquisition of a stake in a Middle Eastern firm.

Newport-based Gocompare has bought a minority stake of just under 10 per cent in Dubai-based counterpart Souqalmal.com for $2 million (£1.5m). Matthew Crummack, chief executive of Gocompare Group, said: “We are delighted to announce this international investment in Souqualmal.com.

“It is the clear leader in financial education and personal finance comparison in the Middle East, and is fully aligned with our mission to help people everywhere to save time and money. With a youthful and tech-savvy population, the potential for growth in the region is huge and Souqalmal.com is the ideal partner for us.”

The deal follows Gocompare’s first strategic investment in July, when it snapped up a minority stake in digital “robo-adviser” Mortgage Gym.

Gocompare got a stock market listing last November.