compareit4me Group, which operates finance comparison websites across the region, has raised USD 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.
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.
Jon Richards, CEO of compareit4me Group commented: “We are delighted to have such an amazing lineup of investors join the company. They are some of the most influential VCs in the Middle East and each will bring more than just money to the table.”
compareit4me already generates more than 45,000 finance applications per month.
Fadi Ghandour, managing partner of Wamda Capital, said: “compareit4me is offering a service that is very much in demand in the region and we believe that the company is uniquely positioned to take advantage of the opportunity in the market. Wamda Capital is excited to be part of the compareit4me story and we have big hopes for its success.”
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.