Local start-up Finty acquired by Aussie firm for seven-figure sum

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 yesterday that the acquisition - which happened 15 months after the company was launched in April last year - would enable it to serve Singapore while expanding into other Asian markets.

Finty and CCC will also tap each market's talent and networks to help users access the best financial information and empower their lifestyles, said the start-up.

"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," said co-founder and managing director Kwok Zhong Li.

"Together with CCC, we now have more resources, manpower and expertise to thrive in Singapore while making a strong entrance into other countries," he added.

CCC is said 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 signed on as partners American Express, Citibank, CIMB, HSBC, Maybank, OCBC, Standard Chartered Bank and United Overseas Bank.

A version of this article appeared in the print edition of The Straits Times on July 04, 2018, with the headline 'Local start-up Finty acquired by Aussie firm for seven-figure sum'. Print Edition | Subscribe