Compareit4me Group, which operates finance comparison websites across the Middle East, has raised $3 million in venture capital (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, with Dubai Silicon Oasis Authority completing the investment group.
Currently operating across 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.
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. All three are strategically important to us; STC will support our KSA expansion, Dubai Silicon Oasis gives us local support and access to untapped sectors, and Wamda brings a wealth of regional know-how, networks and experience. All three are seasoned, value-add VC investors and have a successful track record in helping tech startups scale in the region, which will no doubt help us hugely accelerate our current growth.’’
