CompareEuropeGroup has closed a €20m Series A round, with investors including ACE & Company, Pacific Century Group, Nova Founders Capital and SBI Holdings (formerly Softbank Investments).
Also participating in the round were Mark Pincus, founder of Zynga; Peter Thiel, founder of Paypal and first outside Facebook investor; and others.
The financial management platform for insurance, banking, and telco products was founded in 2015 by Antonio Gagliardi, Thomas Munk and Mads Faurholt-Jorgensen.
Headquartered in London, CompareEuropeGroup seeks to digitise and automate banking, insurance and telco advisory and brokerage jobs, in order to make personal finance advice unbiased and available around the clock.
The company uses AI to help its users find and choose the most suitable products to meet their needs. Customers are then informed when better products become available.
“We want to radically improve the way consumers buy banking, insurance and telco products,” said co-founder and chief marketing officer, Thomas Munk.
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“Today, they are forced to either spend an incredible amount of time to collect the product information from many sites or branches, or rely on the advice of agents and brokers whose incentives are often misaligned with theirs. That’s simply not acceptable in 2017,” he added.
The company intends to use the new funds to improve user experience by developing its proprietary technology and advancing its big data and machine learning capabilities. It also intends to build its staff count, which currently stands at over 100 people.
CompareEuropeGroup’s service is currently live in five European countries Denmark, Portugal, Finland, Belgium and Norway.