Two brothers from Ballymena, who founded Australia’s largest credit card comparison website, Credit Card Compare, have announced a seven-figure investment to acquire Singapore’s first rewards-based financial comparison marketplace, Finty.
The strategic development is driven by Credit Card Compare Co-Founder, Andrew Boyd – who splits his time between Northern Ireland, Australia, and now Singapore.
He believes acquiring Finty will give the Australian fintech player a foothold in Asia’s growing market for financial services.
“We wanted to expand and, with Singapore as the natural gateway to the fast-growing ASEAN region where GDP growth outpaces that in Australia, it seemed like a natural move.
"This acquisition is a key plank in our company’s growth strategy,” said Andrew.
“It is part of our growth strategy, allowing us to build upon a successful business in Singapore which dovetails with our own vision for a comparison service that makes financial decisions easier, more rewarding, and, ultimately, more fun for customers in Australia and now across South East Asia.”
Andrew continued: “This deal is the culmination of months of work.
"The Finty team has built a great business in a short time, overcoming challenges and building their brand along the way.
“They are an extremely dynamic, hard-working, and smart team. We are delighted to be working with them as we expand into Asia.”
“We are excited to work with new banks and brands, and to continue building on our existing relationships with international partners including American Express, HSBC, and Citi.”
Largest Comparison Site
Credit Card Compare is currently the largest comparison site in Australia dedicated to credit cards, where more than two million consumers have used its marketplace in the last 12 months to compare and apply for a credit card.
“At Credit Card Compare, our mission is to connect Australians with credit cards that will improve their financial lives. Comparing cards can be a daunting task, however we have developed a platform that is easy to use with the best offers in the market.”
Although there are no current plans to expand into NI or the UK, Andrew says the future is looking bright:
“My brother, David, and I originally set-up the business as a means of staying in touch when he moved from our home in Ballymena to Australia.
"We never would have dreamt 10 years ago that it would become the biggest site of its kind in the country.
“Although our focus at the moment is not on bringing the business to the UK, this acquisition marks an important step in expanding the business across the globe with a move closer to home not out of the question in the years ahead.”