ComparaGuru.com, Mexico’s leading financial management platform for insurance and banking products (such as car insurance, personal loans and credit cards), has further strengthened its position after closing a USD 7 million Series A from leading global investors.
The financing round was led by QED Investors, a venture capital firm focused on investing in high-growth, innovative financial services companies such as CreditKarma, alongside Peter Thiel (founder of Paypal and first outside investor in Facebook), Struck Capital, existing investors Nova Founders Capital and Seaya Ventures.
Founded in 2014, ComparaGuru.com is an innovative technology platform that seeks to digitize and automate insurance, banking and brokerage jobs, thereby making personal finance advice unbiased, available around the clock and completely tailored to the users’ personal needs. The company is led by co-founders and Managing Directors Freddy Dominguez, Bernardo Prum and Ivan Hernandez, and co-founder and chairman, Mads Faurholt-Jorgensen.
Thanks to a strong emphasis on data, machine learning and AI, the company helps its users to get the best products for them and to manage the product throughout the lifecycle. By doing this, ComparaGuru.com 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. The service is 100% independent and free for the user.
“The Mexican consumer market for financial products is one of the fastest growing in the world and is expected to continue growing by more than 10% per year for the foreseeable future. The market does not lack options, but rather transparency and education of consumers. We provide both,” says Co-founder and Chairman Mads Faurholt-Jorgensen.
“This tremendous support from some of the best investors in the world and the interest in our platform from our users and partners is a clear signal to us that we are on the right track. Since we launched, we have helped more than 4 million Mexicans understand and better manage their personal finance products, we have grown to more than 70 people employed and we have entered into partnerships with more than 30 of Mexico’s leading financial institutions,” continues Co-founder and Managing Director Freddy Dominguez.
The proceeds will be used to continue to improve the user experience by making the process of comparing, getting and managing insurance and banking products significantly easier. As part of this, the Company will further develop its proprietary technology including advancing its big data and machine learning capabilities. In addition, ComparaGuru.com will continue to hire exceptional talent to help support the Company’s growth momentum and invest in reaching even more consumers to help them save time and money.
“The banking and insurance markets in Mexico are a unique opportunity with plenty of room for technological progress. ComparaGuru.com has already become a trusted destination for the Mexican consumers’ personal finance needs and we are really excited to be part of the Company’s ambitious mission of helping even more consumers” Bill Cilluffo, Partner at QED Investors, who will join the Company’s Board of Directors alongside Michael Kleindl from Seaya Ventures and Nova Founders Capital.
ComparaGuru.com is Mexico’s leading financial management platform for insurance and banking products. Thanks to its proprietary technology and data-driven approach, ComparaGuru.com helps Mexican consumers save time and make better choices with comprehensive, free and independent online comparison tools for insurance, personal loans and credit cards. The Company was founded in 2014 and employs more than 70 people.
About QED Investors
QED Investors is a leading venture capital firm focused on investing in early stage, disruptive financial services companies in the U.S., U.K. and Latin America. QED is dedicated to building great businesses and uses a unique, hands-on approach that leverages their partners’ and principals’ decades of entrepreneurial and operational experience, helping their companies achieve breakthrough growth.
About Nova Founders Capital
Nova Founders Capital is a global investment company that identifies opportunities to build innovative internet businesses in high-growth markets. The company builds and invests in sustainable large-scale business models with a strong focus on innovative financial services. The team behind Nova Founders Capital are some of the most experienced entrepreneurs in the world, and have successfully grown over 30 technology businesses globally.
About Seaya Ventures
Seaya Ventures is a Spanish venture fund, founded in Madrid in 2013, that invests in early and growth stage Internet and technology-enabled businesses in Spain and Latin America. With more than €140M assets under management and offices in Madrid and Mexico City, Seaya transforms early and growth stage companies into category leaders at every level, helping them with their international expansion and creating lasting value. Seaya Ventures has invested in 15 companies so far: Ticketea, Restaurantes.com, Plenummedia, SinDelantal Mexico, Cabify, ComparaGuru, Clintu, Percentil, Miora, Pippa&Jean, Spotahome, Hundredrooms, Glovo, Clicars and Yogome.