ComparaMejor secures USD 10 million Series A investment

Bogota, 11th September 2017 – ComparaMejor has secured funding in the form of equity, media and debt from international and local investors with the aim of consolidating its leadership position in the Colombian market.

80% of Colombian car owners are not adequately insured. They either can’t afford it, don’t find it valuable or simply don’t understand it. Lack of transparency, education and access have left large parts of the country over-paying or under-insured.

Founded in 2012, ComparaMejor is a digital platform that allows users to compare, finance and purchase their car insurance policy. The high-growth startup provides online access to the largest selection of the country’s insurers, assists users with independent recommendations and helps make insurance more affordable by financing policies with low, monthly installments. The company’s co-founders, Omar Ynzenga and Fernando Sucre, were recently named as ‘Endeavor Entrepreneurs’, and are now part of the largest network of high impact entrepreneurs in the world, covering 26 countries in 5 continents.

ComparaMejor is working hard to make auto-insurance more accessible and affordable. Thanks to its financing service, 30% of the company’s users have been able to purchase comprehensive car insurance for the first time in their lives.

In discussing the company’s latest round, Fernando Sucre, ComparaMejor’s CEO commented: “We are strongly committed to a win-winwin strategy, balancing the needs of our customers, our partners and our platform. This round will help us better serve the currently under-insured and accelerate development of other product verticals around the financial needs of car owners”.

Through its advanced data science practice, the company has also launched a proprietary anti-fraud algorithm to help insurers reduce their costs. The company is working very closely with insurers to develop new products for the digital world, including low-cost unbundled offers that address the currently under-served population.

The funds derived from this round will be used to accelerate the growth of its auto insurance business and to launch the country’s first digital policy lender.