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 deployed to expand the startup’s product and technology offerings beyond just energy and broadband into new sectors such as banking and finance covering credit cards, loans, insurance and buy-now-pay-later services, as well as pushing into international markets.
Founded in late 2018 by CEO Ankit Jain, the business has more than 30 white label and other co-branded partners, including powering the Finder platform, taking on rivals such as Choosi and Compare Club.
Jain said the business has a team of 80 in three offices in Australia, India, and Philippines and posted year-on-year revenue growth of 76% for FY21.
“We are thrilled to have iSelect onboard as our strategic investor and partner as we begin this new chapter,” he said.
“Receiving such a significant investment from a household brand like iSelect after only three and half years of being in operation is a huge milestone for CIMET as it marks a key turning point for the company.
“Thanks to iSelect’s deep expertise and IP in comparison, we are now well-equipped to “turbo charge”
He’s now looking to expand CIMET’s product and technology portfolio to offer our innovative, digital-first comparison services across more verticals including credit cards, home loans, car loans, personal loans, life, health and pet insurance, among others.
Jain said CIMET’s competitive advantage is a deeper dive with embedded customers that’s not influenced by paid content.
“The online comparison market is extremely crowded in Australia, with most platforms providing a light touch directory solution,” he said.
“CIMET’s 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.”