Comparison site Finder has raised $30 million in the first raise in its 15-year history as it pivots to fintech business with a focus on digital assets.
A single investor, Microsoft-backed Sydney fund Future Now Capital, wrote the cheque for an equity stake in the Sydney-headquartered company, on a $650 million pre-money valuation.
Finder plans to use the cash to develop new products. It recently launched a cryptocurrency-based savings comparison app that’s linked to your bank account, which offers financial advice and product suggestions along with crypto trading. More than 250,000 people have already signed up.
The funding will contribute to Finder’s development of innovative and compelling consumer products in key markets including Australia, USA, UK and Asia.
The company plans to launch its Finder app in US, UK and Asia next year.
Co-founded by school friends Fred Schebesta and Frank Restuccia in 2006 as a credit card review blog, more than 10 million users visit Finder’s site and app monthly. to compare prices on everything from home loans to credit cards, fashion and phone bills. The business works with more than 2600 product partners who pay for their involvement. It operates in 50 countries.
Schebesta retains more than a 60% stake in the business, which now generates around $96 million a year in revenue, producing a $1.7 million net profit in FY21.
The company has 500 employees across eight countries and plans to hire 250 more in the next 12 months.
Schebesta, said the raise was a new milestone for the business.
“We are a 15-year-old technology company that has been bootstrapped since day one. And today we are taking on our first ever 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 the investment is a major commitment for the fund.
“The Finder team has an impressive ability to deploy their technology stack to quickly provide consumers with innovative services and products,” he said.
“This ingrained nimbleness allows them to evolve their business and product suite to offer modern financial services.”