Sunday, October 1, 2023

iSelect backs comparative tech startup CIMET with $26.6 million raise

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White label comparison and technology platform CIMET has raised $26.6 million in fresh capital as part of a strategic partnership with ASX-listed iSelect Limited (ASX:ISU).

The capital will be used to expand the startup’s product and technology offerings beyond energy and broadband into new sectors such as banking and finance, including credit cards, loans, insurance and buy-now-pay-later services, and to enter international markets. †

Founded in late 2018 by CEO Ankit Jain, the company has more than 30 white label and other co-branded partners, including powering the Finder platform and competing against rivals such as Choosi and Compare Club.

Jain said the company has a team of 80 people in three offices in Australia, India and the Philippines and posted 76% year-over-year sales growth for FY21.

“We are delighted to have iSelect on board as our strategic investor and partner as we embark on this new chapter,” he said.

“Receiving such a significant investment from a household brand like iSelect after just three and a half years of operation is a huge milestone for CIMET as it marks a major turning point for the company.

“Thanks to iSelect’s deep expertise and IP in comparison, we are now well equipped to “turbocharge”

He is now looking to expand CIMET‘s product and technology portfolio to offer our innovative, digital-first comparison services across more industries, including credit cards, home loans, auto loans, personal loans, life, health and pet insurance.

Jain said CIMET’s competitive advantage is a deeper dive with embedded customers unaffected by paid content.

“The online comparison market is extremely busy in Australia, with most platforms offering a photosensitive directory solution,” he said.

“CIMET”The fully integrated online comparison and signup platform is an end-to-end solution that provides the user with unbiased comparisons so they can make more informed financial decisions.”

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