Nigeria’s TopCheck price comparison website closes funding round with European business angels

Congrats to the VC4Africa listed company TopCheck, a price comparison website for services in Nigeria, that just closed their first financing round with a group of European business angels!

The company said they closed a “six digit Euros financing round”, but did not want to disclose the amount. Launched two months ago, in January 2015, the Lagos based company allows users to compare prices of financial products such as car insurance or health insurance. Users can receive a tailored quote on their desired product online and directly contact the service provider with the most attractive conditions.

In the financing round TopCheck was able to get a group of undisclosed European business angels on board as investors. “This first round will help us to improve our operations in Nigeria and start building a cutting edge technology” says Thomas von Pilar, one of the TopCheck founders.

“We believe that 2015 will be the year of the emergence of a big African player, and we’re very well positioned to be that one player”, von Pilar comments. He adds that in Africa the price comparison sector is only just beginning to get momentum as users start to get used to buying not only products, but also services online.

While the Nigerian financial services sector is small by international comparison – the sector’s contribution to the GDP is a mere 0.4% in Nigeria, compared to around 2.5% in the US – he says it experiences tremendous annual growth rates, especially in the business to consumer market.

“The current annual growth rate of 20% in the business to consumer financial services industry poses a huge opportunity for TopCheck”, von Pilar states.

The founders say TopCheck is providing one of the first centralised information sources for comparing services with its online platform that is equally optimised for desktop and mobile. “By giving users a full overview over all products in the market, TopCheck smartly brings transparency to the market.”