Leading price comparison site for financial services in Nigeria, Topcheck has been acquired by Silvertree Internet Holdings for an undisclosed amount. Founded in 2014 by Christian Wiesner, Jose Figueiredo and Thomas Pilar, “the money supermarket of Africa”, as it has come to be known, Topcheck offers free online comparison for insurance products, loans, and broadband
Founded in 2014 by Christian Wiesner, Jose Figueiredo and Thomas Pilar, “the money supermarket of Africa”, as it has come to be known, Topcheck offers free online comparison for insurance products, loans, and broadband internet plans. Raising 1 million Euro in venture capital in 2015, the startup witnessed an exponential growth, processing up to 3 billion Naira (10 million USD) in Gross Application Value per month in 2016.
With this outstanding numbers and propitious future, one wonders what could have called for this acquisition with Silvertree. On this, Thomas Pilar, Co-founder of TopCheck says:
“The Topcheck team is excited to join forces with Compare Africa Group. With Topcheck’s market position in Nigeria, and Silvertree’s wide reach throughout Africa, we look forward to further accelerating the company’s growth across the continent.”
This wouldn’t be Silvertree’s first acquisition in Africa, the business incubator and investor had acquired a host of other African startups like Compareguru, PriceCheck, Dealdey and Insured(dot)ng. Topcheck will join its subsidiary, Compare Africa Group (CAG)
Manuel Koser, co-founder of Silvertree, explained what this acquisition meant for the internet company, “ We want to replicate the success of Check24 in the German financial services and insurance comparison space. Topcheck joining our portfolio is another step in building Africa’s largest comparison conglomerate.”
This acquisition will see the two founders, Christian Wiesner and Thomas Pilar step aside as managing directors with CAG’s Managing Director, Ryan Marx set to take over.