compareit4me Group, which operates finance comparison websites across the Middle East, has raised $3 million in VC funding.
The funding was led by STC Ventures, the VC arm of Saudi Telecom, with backing from Wamda Capital, which is headed up by Aramex founder Fadi Ghandour, and Dubai Silicon Oasis Authority completing the investment group.
Currently in seven countries, (as compareit4me.com in the UAE, Qatar, Bahrain and Kuwait and under the name of amwalak.com in Saudi Arabia, Egypt and Lebanon), the websites help users find and compare financial products including personal loans, credit cards and bank accounts.
Already the largest finance comparison site in the region, compareit4me said it plans to use the funding to continue its rapid expansion with the brand launching in at least three more countries in 2015.
The investment comes off the back of an impressive 12 months for compareit4me which was named ‘Best Finance Comparison Site in the UAE’ at the International Finance Magazine Awards, and ‘Best Comparison Site in the Middle East’ by Global Banking and Finance Review. It also comes at a critical time in the growth of the region’s technology sector which is supported by strong consumer demand for content, e-commerce and digital services as a whole.
Despite the comparison industry in the Middle East being still nascent, compareit4me already generates more than 45,000 finance applications per month, more than any other site in the region.
compareit4me raised an initial round of angel funding from Mulverhill Associates, run by former Abraaj Capital director Jonathan Hall, in March 2014. With the latest round of VC funding, the website is well geared to expand more rapidly.
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