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UK fintech CompareEuropeGroup raises €20M in Series A

CompareEuropeGroup, a London fintech company, announced that it has closed €20 million in Series A funding round that saw investors including ACE & Company, Pacific Century Group, Nova Founders Capital and SBI Holdings, as reported by TechCityNews.

The funding round also saw investments from Mark Pincus, founder of Zynga; Peter Thiel, founder of Paypal and first outside Facebook investor; and others. The company plans to utilize the funds to improve the user experience by developing its technology and advancing its big data and machine learning services.

“We want to radically improve the way consumers buy banking, insurance, and telco products,” Thomas Munk, co-founder and chief marketing officer of CompareEuropeGroup, said. “Today, they are forced to either spend an incredible amount of time to collect the product information from many sites or branches or rely on the advice of agents and brokers whose incentives are often misaligned with theirs. That’s simply not acceptable in 2017.”

With the funding, the fintech firm also plans to build its staff count, which currently stands at over 100 people. Founded in 2015, CompareEuropeGroup seeks to digitize and automate banking, insurance and telco advisory and brokerage jobs, to make personal finance advice impartial and available all the time.

Using artificial intelligence, the company helps its customers find and choose suitable products to meet their needs. Its services are available in five European countries Denmark, Portugal, Finland, Belgium, and Norway.

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