Australia-based Ballymena brothers complete seven-figure acquisition of Singapore company
AN Australian credit card comparison website, headed by two Ballymena brothers has announced the seven-figure acquisition of a Singapore company.
Credit Card Compare was founded in 2008 by Andrew and David Boyd and has grown to become Australia's largest comparison website in its field. In line with an ongoing growth strategy the firm has purchased Singaporean comparison site, Finty in its first foray outside of the Australian market. Finty is Singapore's first rewards-based financial comparison marketplace.
Andrew Boyd, who splits his time between Northern Ireland, Australia, and now Singapore, believes the latest acquisition will give the Australian company a foothold in Asia's growing market for financial services.
“We wanted to expand and, with Singapore as the natural gateway to the fast-growing ASEAN (Association of Southeast Asian Nations) region where GDP growth outpaces that in Australia, it seemed like a natural move. This acquisition is a key plank in our company's growth strategy,” he said.
“This acquisition is part of our growth strategy, allowing us to build upon a successful business in Singapore which dovetails with our own vision for a comparison service that makes financial decisions easier, more rewarding, and, ultimately, more fun for customers in Australia and now across south east Asia.”
Although there are no immediate plans to expand into Northern Ireland or the UK market, Andrew says the future is bright for the company.
“My brother, David, and I originally set-up the business as a means of staying in touch when he moved from our home in Ballymena to Australia. We never would have dreamt 10 years ago that it would become the biggest site of its kind in the country.
“Although our focus at the moment is not on bringing the business to the UK, this acquisition marks an important step in expanding the business across the globe with a move closer to home not out of the question in the years ahead.”
Credit Card Compare is the largest comparison site in Australia dedicated to credit cards and more than two million consumers have used its marketplace in the last 12 months.