London-based financial service comparison platform CompareEuropeGroup has raised €20m in its Series A round.
The investment comes from ACE & Company, Pacific Century Group, Nova Founders Capital, SBI Holdings, Zynga founder Mark Pincus and PayPal founder Peter Thiel.
Founded in 2015, CompareEuropeGroup aims to digitise and automate, banking, insurance and telco advisory and brokerage.
The company claims to use artificial intelligence to serve consumers unbiased advice based on what is most suitable to their needs.
It also helps users mange the products throughout their lifecycle and alerts them when more-suitable products become available.
CompareEuropeGroup founder and managing director Antonio Gagliardi said: “We have built a platform that looks after users’ banking, insurance and telco products 24/7 to continuously ensure that they have the right products for their needs.
“Our technology aggregates all relevant information about the financial and telco products and applies proprietary algorithms to evaluate personal questions and understand the users’ risk profiles, needs and how they might develop.”
The company says it will use the capital to improve the platform’s user experience, further develop its big data and machine learning capabilities and hire more staff.
ACE & Company managing director Marc Syz said: “The insurance, banking and telco markets are a unique opportunity with plenty of room for technological progress. We are excited to be part of this ambitious journey”
CompareEuropeGroup is currently present across five European regions and works with 50 banks, insurers and telecoms firms across the continent.
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