South African fintech startup CompariSure has raised $980,000 in pre-Series A funding round for expansion in the South African market.
Founded in November 2017 by CEO Jonathan Elcock and CFO Matt Kloos, CompariSure is a financial services provider that distributes financial services products via its chatbot-driven marketplace, using its proprietary chatbot technology. The chatbot leverages platforms like Moya, Facebook Messenger, and WhatsApp. CompariSure acts as a digital broker. Since 2017, CompariSure has processed over 120 million messages and sold over 50,000 policies via chat.
The company also builds white-labelled chatbot solutions for financial service providers, enabling them to sell to new customers and service their existing customers via chat. Having chatted to over six million South Africans to date, CompariSure aims to bridge the financial and digital exclusion divide in South Africa through chat. Recently, CompariSure launched a job creation and skills development initiative in Strand, Khayelitsha, Hammanskraal, Daveyton and Tembisa, allowing any individual with a smartphone to drive traffic to its chatbot marketplace, and earn referral commission.
CompariSure says it is currently exploring growth in sectors beyond financial services. Current offerings include services to assist in call centre automation, sales force management and market research.
”Over 95% of our users are buying a financial product online for the first time in their lives, a true game-changer in terms of giving every South African access to quality financial services products. We live in a mobile-first world, chatting is a deeply human experience. Our conversational technology allows personal, one-to-one communication with users at scale. The numbers make it clear – the future of sales and customer service will be driven by conversational technologies. Chat as a medium of engagement is the most preferred channel by the overwhelming majority of consumers, young and old. People choose chat because they want convenience, and nothing is more human and convenient than a simple conversation.” Jonathan Elcock, Founder and CEO, CompariSure said.
The financing round was led by Cape Town based HAVAÍC and 4Di.
Prior to this, CompariSure’s most recent funding round was led by investment from UW Ventures in partnership with Allan Gray in May 2020. 4Di Capital initially invested in August 2019.
”This investment round is an important milestone for us and will allow us to continue reshaping the way South Africans interact online. The HAVAÍC team brings a wealth of expertise and experience to the table, and we are very excited to have them joining as a shareholder and board member. We are also incredibly grateful for the ongoing support from our earliest backers 4Di Capital, whose follow-on investment signals a strong, reaffirmed belief in what we are building at CompariSure.” Matt Kloos, Co-founder and CFO, CompariSure said.