Originally published in 2019, on Ventureburn: Fincheck has landed R4.4m from investors reveals founder.
SA startup Fincheck has netted R4.4-million in investment from two investors, Benatar Capital and Parktown Capital, the startup’s founder Michael Bowren revealed yesterday.
Fincheck allows consumers to compare financial services products. The startup was founded by Bowren, who is also the CEO, and Chris Ball in 2016.
The latest news follows an announcement by the startup yesterday that it had taken an undisclosed minority stake in SA’s FundingHub and assumed full management of the platform (see this story).
FundingHub helps refer South African small businesses looking for finance to 30 alternative lenders and banks.
Fincheck yesterday claimed that the transaction makes it the country’s biggest financial comparison site as well as the biggest lead aggregator having signed on 71 banks, lenders and insurers.
Asked by Ventureburn yesterday whether Fincheck has previously received external investment, Bowren (pictured above) revealed that the company had concluded a “small round of investment” about two months ago from Benatar Capital and Parktown Capital.
He said the majority of the funding would go to cover marketing of the Fincheck platform.
Before the investment, he and Ball had bootstrapped the company to date, he said, adding that the startup currently employs seven people.
Fincheck’s core offering MyFincheck allows consumers to get various personal finance comparisons.