Australia’s biggest financial comparison site, Canstar welcomes fellow financial comparison service RateCity to the Group in a strategic move to build scale and increase investment in technology and data.
The combined company’s capabilities will bolster the Group’s two-sided marketplace and benefit customers and financial providers alike as the Group becomes the leading place to go for everything related to personal finance.
The Group will leverage RateCity’s technology to improve customer engagement and provider integration.
Commenting on the acquisition, Canstar’s Managing Director and CEO, Andrew Spicer (pictured left) said, “welcoming RateCity to the Canstar Group shows our commitment to being the leading digital intermediary in personal finance.”
“Bringing together these two strong brands gives us the ability to combine our tech capabilities and build more comprehensive, more dynamic, data-rich digital platforms.”
“This will improve provider integrations and provide a much better user experience, helping us to build more direct interactions with our customers and expand their engagement with the brands.”
“Both brands have rich histories in personal finance and we respect RateCity as a force in the comparison space. The combination of RateCity’s distribution technology, Canstar’s scale and product breadth and Canstar Blue’s diversification into energy and telco means we’re well positioned to be the place to come for all things personal finance.”
The Canstar and RateCity brands will continue to operate separately in the market supporting their respective customers while leveraging shared learnings across provider integrations, technology platforms, digital product and data.
Excited for the opportunity to join the fold of a growing technology company with big ambitions, RateCity’s CEO, Paul Marshall (pictured right) commented, “this is a fantastic endorsement of the RateCity team’s efforts and success to date and we’re excited for the future of the business as part of a strong group, aligned with our values.”
“We have admired the Canstar growth story and with scale in mind, we know that this partnership will give us the backing and new opportunities to strengthen RateCity’s offering.”
As a result, Nine has fully disposed of its 50% stake in RateCity. The terms of the transaction are confidential.
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