MoneyExpert Ltd has secured a £25 million investment from leading Silicon Valley based private equity and venture capital firm Technology Crossover Ventures (TCV) to help fund its aggressive expansion plans. Part of this investment has been used to acquire SimplySwitch.com, the leading aggregator site for home services such as utilities. Long term, MoneyExpert aims to become the biggest player in the aggregator marketplace.
MoneyExpert, which now has around one million unique users visiting its website each month, has seen its revenue increase by 400% over the past 12 months and is predicting strong growth in profits for 2008. To date, the company has primarily focused on banking products, but through its acquisition of SimplySwitch and the development of a new market leading insurance proposition that it intends to launch in the next few weeks, it’s aiming to improve on its already strong growth and take further market share from its competitors.
Nigel Warr, Chief Executive of MoneyExpert.com said: "These deals will transform our business taking it to the next level and build on our already strong growth. Our aim is to become the market leading aggregator.
"Between now and 2010, we anticipate the aggregator market for finance and insurance alone, could grow by nearly 200%. The majority of aggregators will benefit from this, but we believe the main winners will be those that offer a wider range of products and services." Nigel added, "The investment from TCV, our acquisition of SimplySwitch and a new insurance proposition that will have a wider base of insurers to search from than many of our competitors, will help us to capitalise on this exciting opportunity."
California-based TCV has over $7.7 billion under management and specialises in enabling technology companies showing outstanding growth to achieve their full potential. Previous successful Internet investments for TCV include Expedia, now one of the world’s leading online travel services, Orbitz Worldwide (owner of ebookers.com) and INFONXX (owner of 118 118).