Silvertree Internet Holdings Has Acquired TopCheck, Nigeria’s Leading Price Comparison Site For Financial Services

Cape Town-based internet platform Silvertree has acquired TopCheck, a Nigerian price comparison site, for an undisclosed amount.

Following this acquisition, TopCheck will join Silvertree’s subsidiary Compare Africa Group (CAG), which offers online price comparisons for goods and services through various websites in South Africa, Kenya and Nigeria.

TopCheck was founded by Christian Wiesner, Jose Figueiredo, and Thomas Pilar in 2014, and headquartered in Lagos and Berlin. It offers free price comparisons for financial services, such as insurance products, loans, and broadband internet plans.

Christian Wiesner and Thomas Pilar will step aside as managing directors but will continue to work with CAG as advisors. Ryan Marx, CAG’s MD, will be heading TopCheck with immediate effect.

TopCheck had raised 1 million euros (US$1.06 million) in venture capital in 2015, and the website has processed up to 3 billion Naira (US$10 million) in Gross Application Value per month.

The group owns financial services websites CompareGuru, as well as product comparison site PriceCheck, which was recently acquired from Naspers.

This is not Silvertree's first acquisition in Nigeria, having previously taken over Insured.ng from Spark in 2015, and deals site Dealdey from Kinnevik in 2016.

“The TopCheck team is excited to join forces with Compare Africa Group. Together, we are forming Africa’s undisputed leader in price comparison”, said TopCheck founder Thomas Pilar. “While our two companies had been competitors before, our strategies are completely in line: to be the number one online destination to acquire financial services in Africa. With TopCheck’s market position in Nigeria and Silvertree’s wide reach throughout Africa, we look forward to further accelerating the company’s growth across the continent.”

Manuel Koser, co-founder and MD of Silvertree, explained the enormous potential in the comparison space: “We want to replicate the success of Check24 in the German financial services and insurance comparison space. TopCheck joining our portfolio is another step in building Africa’s largest comparison conglomerate.

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