Singapore-based financial marketplace Finty.com on Tuesday announced that it has been acquired by Australian financial comparison giant Credit Card Compare (CCC) for a seven-figure sum in cash.
The acquisition comes 15 months after Finty’s launch in April 2017. Finty said, it will use the fresh funds to boost its operations in Singapore and to expand further into other Asian markets.
Finty and CCC will also tap each market’s respective talents and networks to “make it easier for the public to access the best financial information and empower their lifestyles”, according to the startup.
Finty said, CCC is currently the largest dedicated credit card comparison service in Australia, where more than two million consumers have used its platform to research and compare more than 200 cards on the market.
The startup claims to be Singapore’s first rewards-based financial marketplace that makes financial decisions “simple, enjoyable and rewarding”.
It offers cash rewards based on revenue sharing and the online platform uses a proprietary predictive model to determine the value of cash rewards for customers when they apply for a range of credit cards and personal loans from major bank partners.
“As a Singapore startup, we are proud of our achievements and want to do more to serve consumers in our country and the region, which is something very aligned to CCC’s vision,” said Kwok Zhong Li, Finty Co-founder and Managing Director.
Finty was co-founded by Li, Lucius Young, Marketing Director, who currently works as a Global Digital & PR lead at Unilever; and Mr. Jeremy Lim, Technology Advisor, who works in a top international technology firm.
“The Finty team has built a great business in a short time, overcoming challenges and building their brand along the way… We are delighted to be working with them as we expand into Asia,” said CCC co-founder and CEO Andrew Boyd.
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