Finty, Singapore’s rewards-based financial marketplace focused on credit cards and personal loans, announced its acquisition by Australian financial comparison giant, Credit Card Compare (CCC), 15 months after the company was launched in April 2017.
The acquisition will better equip Finty to serve Singapore while expanding into other Asian markets.
Mr. Kwok Zhong Li, Co-founder and Managing Director, Finty said,
“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. Together with CCC, we now have more resources, manpower and expertise to thrive in Singapore while making a strong entrance into other countries.”
CCC will invest a seven-figure sum in cash to acquire Finty to maximise its potential and scale across Asia. 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. 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.
Mr. Andrew Boyd, Co-founder and CEO, Credit Card Compare, added:
“This deal is the culmination of months of work. The Finty team has built a great business in a short time, overcoming challenges and building their brand along the way. They are an extremely dynamic, hard-working, and smart team. We are delighted to be working with them as we expand into Asia.”
The brainchild of three long-time friends, Finty was born out of their diverse and complementary backgrounds. Along with Mr. Kwok, who left his role as Vice President for eBusiness at OCBC Bank, Finty was co-founded by Mr. 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.
In the course of 15 months, Finty has made strong in-roads into the credit cards and personal loans space with strong relations with key bank partners, despite a competitive financial services comparison industry. Customers can compare and reap benefits with American Express, Citibank, CIMB, HSBC, Maybank, OCBC, Standard Chartered and UOB, when they apply on Finty’s platform