Nova Founders backed CompareHero.my claims to be growing steadily, and has added over 10,000 users in the first month of its launch.
The Malaysian financial products comparison portal compares credit cards, loans, insurance policies, and even mobile and internet plans. Other product offerings in the pipeline includes life insurance, investment products, as well as tour packages.
The company claims to be comparing over 2,000 financial products and interest rates and more than 500 broadband and mobile plans from over 200 companies.
While the idea of comparing financial products is not new, Gerald Eder, Venture Partner and Managing Director, Nova Founders, states that the idea stemmed from a personal discovery after he found out that important financial information such as medical insurance policies and comparisons were not readily accessible in the country.
CompareHero is supported by tech and startup incubator Nova Founders, which is currently based in Kuala Lumpur, Malaysia. Nova Founders is founded by ex-partners and Rocket Internet executives.
“The mere size and complexity of the market created a need for an easy-to-use comparison website to help consumers find the best available offer. It can be very difficult for consumers to find the right financial product among many providers, different products, in-transparent information and websites,” says Eder.
How does CompareHero plan to monetize? Currently, the company charges its partner merchants on an advertising model, as well as a small “transaction automation processing fee”. Some of its current partners include Maybank, Maxis, CIMB, OCBC, CELCOM, Public Bank and others.
So how’s CompareHero different from similar sites like iMoney and LoanStreet? “We are building a one-stop solution for Malaysians to save money and time. With CompareHero, consumers can compare the market and learn how those products work in regards to insurance, banking, investments as well as telco and travel products. Other players like iMoney are focused on banking products,” said Gerald Eder.
Meanwhile, LoanStreet which received an undisclosed investment from Star Accelerator back in September, helps users compare property and refinance loan offers across major banks in Malaysia, including OCBC, UOB, Standard Chartered, and Maybank.