Silvertree Capital, the investment arm of South Africa-based Silvertree Internet Holdings, has acquired TopCheck, a Nigerian financial services price comparison platform in an undisclosed deal. The firm had raised a little over $1 million in seed financing from a group of investors in August 2015.
TopCheck, which was founded in 2014 by Christian Wiesner, Jose Figueiredo and Thomas Pilar, grew rapidly in 2016, processing up to 3 billion Naira (approximately $10 million) in Gross Application Value per month. The startup, which dubs itself the “Moneysupermarket for Africa”, provides consumers with an opportunity to make free price comparisons for insurance, loan and broadband internet plans online.
The firm will become part of SIlvertree Internet Holdings’ subsidiary, Compare Africa Group or CAG. Operating in Kenya, Nigeria and South Africa, CAG offers online price comparison for goods and services through various websites. As part of the deal, founders Wiesner and Pilar will step aside as Managing Directors of TopCheck and become advisors to CAG.
Welcoming the deal, Silvertree Co-Founder and Managing Director Manuel Koser, who led the deal for the South African internet holding company, explained the significant potential for Africa’s comparison space, saying “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.”
The transaction is the latest of a number of deals undertaken by Silvertree since the announcement in January 2016 that $10 million had been earmarked for investment in African e-commerce and tech startups. These include the acquisition of PriceCheck from Naspers, a joint venture with digital media company Ringier to acquire DealDey, a growth capital investment in Pet Heaven, an online pet food and accessary retailer and, most recently, Carzar, an online second-hand car market.