CompareEuropeGroup, one of Europe’s fastest growing financial management platforms for insurance, banking, and telco products (such as car insurance, personal loans, credit cards and broadband subscriptions), has strengthened its position after closing a €20 million Series A funding round. The list of investors includes private equity platform ACE & Company, Pacific Century Group, Nova Founders Capital, SBI Holdings, Mark Pincus (founder of Zynga), Peter Thiel (founder of Paypal and Facebook investor) and others.
Founded in 2015 by Antonio Gagliardi, Thomas Munk and Mads Faurholt-Jorgensen,
CompareEuropeGroup seeks to digitise and automate banking, insurance and telco advisory and brokerage jobs, thereby making personal finance advice unbiased, available around the clock and 100% tailored to the users’ personal needs. Thanks to a strong emphasis on data, machine learning and AI, the London-based company aims to help its users to select and get the best products for them and to manage the product throughout the lifecycle. By doing this, CompareEuropeGroup eliminates inefficiency from manual processes, misaligned incentives and creates much needed transparency for its users, enabling them to select products that best match their needs and risk profile while continuously evaluating and informing them when better products become available. According to the UK-based startup, the service is 100% independent and free for the user.
Co-founder and Managing Director, Antonio Gagliardi, explains: “Banking, insurance and telco products are an important part of people’s lives, but they are difficult to understand and despite these products representing the largest part of household costs for most people and the fact that people’s needs constantly change, consumers do not give much thought to them after having acquired one. We have built a platform that looks after users’ banking, insurance and telco products 24/7 to continuously ensure that they have the right products for their needs. Our technology aggregates all relevant information about the financial and telco products and applies proprietary algorithms to evaluate personal questions and understand the users’ risk profiles, needs and how they might develop.”
The new funing will be used to continue to improve the user experience by making the process of comparing, getting and managing banking, insurance and telco products easier. As part of this, the startup will further develop its proprietary technology including advancing its big data and machine learning capabilities. In addition, CompareEuropeGroup will continue to grow its team to help support the company’s growth momentum.
The FinTech startup already employs over 100 people and is present in five European countries so far – Denmark, Portugal, Finland, Belgium and most recently Norway. The CompareEuropeGroup works with more than 50 banks, insurance and telecom companies across Europe, who are welcoming the opportunity to reach new customers through the platforms.