Finance management platform CompareEuropeGroup clinches €20m Series A

Paypal founder Peter Thiel participates in funding round that will help company to improve its technology and make new hires

CompareEuropeGroup, a financial management platform, has raised a €20m Series A funding round from ACE & Company, Pacific Century Group, Nova Founders Capital and SBI Holdings (formerly Softbank Investments).

Other participants in the round were Zynga founder Mark Pincus, and the founder of Paypal and original Facebook investor Peter Thiel.

Founded in 2015 by Antonio Gagliardi, Thomas Munk and Mads Faurholt-Jorgensen,  London-headquartered CompareEuropeGroup operates the “leading” online comparison platforms for financial, telco and utility products across Europe.

Using artificial intelligence (AI), it helps customers find and choose the best financial products for their needs and informs them when better ones become available.

The company is on a mission to help its estimated 450 million potential consumers across the continent save time and money and raise the level of financial literacy across the region.

CompareEuropeGroup currently has 30 partners across five countries including the likes of American Express, Barclaycard, BNP Paribas, Telmore, TDC, ING, and L’East to name a few.

The finance will be used to further develop its proprietary technology and improve its user experience, as well as to advance its big data and machine learning capabilities and bolster its 100-strong employee base.

Thomas Munk, co-founder and chief marketing officer of CompareEuropeGroup, commented: “We want to radically improve the way consumers buy banking, insurance and telco products.

“Today, they are forced to either spend an incredible amount of time to collect the product information from many sites or branches, or rely on the advice of agents and brokers whose incentives are often misaligned with theirs. That’s simply not acceptable in 2017.”

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