MEXICO CITY, June 21, 2017 /PRNewswire/ -- 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.
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.
"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.