compareit4me.com, the UAE based finance comparison site has announced the completion of its first round of funding at a valuation of over $3 million.
The investment was led by Mulverhill Associates, a Dubai based investment and advisory firm focused on the Middle East. Jonathan Hall, Managing Director of Mulverhill Associates said ‘it’s fantastic to be involved with such an energetic and rapidly growing company as compareit4me.com. They have bootstrapped their way to being industry leaders, have 15 active banks working with them, are already profitable and most interestingly for us, they have enormous growth potential.’ Hall continued,’compareit4me has a significant foothold in a fantastic industry, it is a business model that has been extremely successful in other markets and we are delighted to be supporting the team.’
compareit4me.com, first launched in the UAE back in 2011, has been through a number of changes in recent months. Shortly after raising this round of investment, they relaunched their website with massively increased functionality, completed a branding overhaul and launched in Qatar. Financial products covered by compareit4me include; credit cards, home loans, personal loans, bank accounts, car loans and commercial finance. compareit4me.com receives over 120,000 users per month and generates over 20,000 applications for the banks.
Samer Chehab, Commercial Director at compareit4me said ‘the comparison industry in the UAE is still in the early stages but a lot of our clients already look at us as a very important marketing channel for them and one they need to be a part of. That said, our priority remains the consumer, we have an easy to use website which allows users to quickly compare financial products and find the best products for them, that’s why we started this site and it will remain the primary goal moving forward.’
The banking industry accounts for over 11% of digital advertising dollars spent in the UAE making it the biggest spending industry after Real Estate and Automotive. With digital spend in the Middle East projected to exceed $1 billion by 2017, compareit4me.com look well placed to capitalise.