South African financial services comparison startup Fincheck has taken over the management and equity of local competitor FundingHub to become the country’s biggest financial comparison site and lead aggregator.
The acquisition of FundingHub, which launched in 2017 and aggregates 30 alternative lenders and banks, allows the startup to scale significantly, with it now having signed on 71 banks, lenders and insurers.
“FundingHub allows SMEs to apply in under six minutes for business finance, comparing multiple accredited finance providers and to make the most appropriate choice based on their business needs. There are many different forms of finance available to SMEs. This makes it difficult for them to choose which lender is best suited to their business needs,” said Michael Bowren, chief executive officer (CEO) of Fincheck.
“For instance, a business may not know whether it needs equipment finance, unsecured or secured term loans, overdrafts, lines of credit, debtor finance, merchant cash advances or credit cards. Free-to-use and independent, FundingHub, makes this really simple by filtering options and offering quotes from the most appropriate funders for their business.”