SINGAPORE - Finty, a home-grown rewards-based platform that compares credit cards and personal loans, has been acquired by Australian financial comparison company Credit Card Compare (CCC) for a "seven-figure" sum.
Finty said on Tuesday (July 3) that the acquisition - which happened 15 months after the company was launched in April 2017 - would enable Finty to serve Singapore while expanding into other Asian markets.
Finty and CCC will also tap each market's talents and networks to help users access the best financial information and empower their lifestyles, said the start-up.
Mr Kwok Zhong Li, co-founder and managing director of Finty, said: "Finty makes financial decisions simple, enjoyable, and rewarding. It's the first financial marketplace in Singapore to offer cash rewards based on a revenue sharing model.
"Together with CCC, we now have more resources, manpower and expertise to thrive in Singapore while making a strong entrance into other countries."
CCC is believed to be the largest dedicated credit card comparison service in Australia, through which over two million consumers have researched and compared more than 200 cards on the market.
Finty was co-founded by three friends: Mr Kwok, who left his role as vice-president for eBusiness at OCBC Bank; Mr Lucius Young, who currently works as a global digital and public relations lead at Unilever; and Mr Jeremy Lim, who works in an international technology firm.
Since its inception, Finty has partnered American Express, Citibank, CIMB, HSBC, Maybank, OCBC, Standard Chartered Bank and United Overseas Bank.