Nigerian startup that offers comparison on financial products to African consumers, TopCheck, has raised $1.1 million seed round from several investors.
The round was lead by venture capital firm, Mountain Partners with co-investors including European Investment Fund, angel investors including Alexander Frugger, Ron Hillman, Martin Scherrer and few others.
This is following a smaller round earlier in 2015.
“We are delighted with our latest achievement and highly motivated for the journey ahead,” TopCheck co-founder, Jose Figueriredo told TechCabal.
TopCheck provides financial services comparison but has focused on the insurance vertical since it launched last December.
“We bring transparency to a market that traditionally suffers from inefficiency. Our customers can compare prices and save money,” TopCheck founder, Thomas Pilar said in a news release to TechCabal.
The company says it is expanding its team of 10 in Lagos with the new cash injection and will be expanding its services offering into additional categories. It wasn’t stated, but it may well be other types of insurance or general price comparison.
It is also planning to expand outside of Nigeria but co-founder, Jose, won’t disclose what countries it is expanding to for now.
TopCheck will no doubt be fencing competition with this cash injection as well.
The Nigerian comparison space – insurance comparison specifically – is getting some attention of late. Click N Compare, a broad-based comparison website also launched recently in Nigeria and has already acquired Spark-owned Insured.ng to drive its break into the country’s insurance deals comparison vertical. Click N Compare has been very successful in South Africa, and the way the company has started off in Nigeria, it may be able to replicate that success in the country. Then there is AutoGenius which launched last December.
Update [28th August, 6:57]: The story was updated to include TopCheck’s plan for the investment and the picture of the Nigerian insurance comparison landscape.
Featured Image: TopCheck’s homepage