London-based fintech startup CompareEuropeGroup, has closed a €20 million Series A funding round. The investors include private equity platform ACE & Company, Pacific Century Group, Nova Founders Capital, SBI Holdings, Mark Pincus, Peter Thiel, and others.
CompareEuropeGroup seeks to automate personal financial advice, using machine learning and AI to help users find and purchase the best products for them. The startup is a financial management platform for insurance, banking, and telco products, and can be used to manage car insurance, personal loans, credit cards and broadband subscriptions.
The new funding will be used by the company to improve its service, making the process of comparing, purchasing and managing banking, insurance and telco products easier for users, and further develop its proprietary technology based on AI. CompareEuropeGroup also plans to use the funding to hire more staff.
The company already employs over 100 people and is present in Denmark, Portugal, Finland, Belgium and Norway. CompareEuropeGroup works with more than 50 banks, insurance and telecom companies across Europe.
Read more: EU Startups