Comparison site Finder raised $ 30 million in the first hike in its 15-year history as it turns to fintech business with a focus on digital assets.
A single investor, Microsoft-backed Sydney Fund Future Now Capital, issued the check for an equity stake in the Sydney-based company, on a pre-currency valuation of $ 650 million.
Finder plans to use the money to develop new products. It recently launched a cryptocurrency based savings comparison app which is linked to your bank account, which offers financial advice and product suggestions as well as crypto trading. More than 250,000 people have already registered.
The funding will help Finder’s development of innovative and attractive consumer products in key markets such as Australia, US, UK and Asia.
The company plans to launch its Finder app in the US, UK and Asia next year.
Co-founded by school friends Fred Schebesta and Frank Restuccia in 2006 as a credit card review blog, over 10 million users visit the Finder site and app every month. to compare prices on everything from home loans and credit cards, to fashion and phone bills. The company works with more than 2,600 product partners who pay for their involvement. It operates in 50 countries.
Schebesta retains more than 60% of the capital of the company, which now generates revenue of around $ 96 million per year, generating a net profit of $ 1.7 million in fiscal year 21.
The company has 500 employees in eight countries and plans to hire 250 more over the next 12 months.
Schebesta said the increase was another important step for the company.
“We’re a 15-year-old tech company that has been booting from day one. And today, we are engaging our very first partner to help accelerate the accessibility of our innovative financial management platform to a global audience, ”he said.
Future Now Capital partner John Orrock said investing is a major commitment for the fund.
“The Finder team has an impressive ability to deploy its technology stack to quickly deliver innovative products and services to consumers,” he said.
“This ingrained agility enables them to evolve their business and product line to deliver modern financial services.”