CompariSure operates a chatbot-driven marketplace and digital brokerage that distributes financial-services products using proprietary conversational technology across platforms such as Moya, Facebook Messenger and WhatsApp. The company also builds white‑label chatbot solutions for financial service providers to sell to new customers and service existing ones via chat. Since 2017 it has processed over 120 million messages, sold more than 50,000 policies via chat, and engaged over six million South Africans; the company reports that over 95% of its users are buying a financial product online for the first time. CompariSure says its product delivers significantly higher conversion rates while more than halving cost of acquisition. The startup has launched a job-creation and skills-development initiative in Strand, Khayelitsha, Hammanskraal, Daveyton and Tembisa that lets smartphone users drive traffic to its chatbot marketplace and earn referral commission. It is exploring growth beyond financial services and will use the new funding to expand its footprint in the South African market. CompariSure is a Cape Town–based insurtech that distributes financial services products through a proprietary chatbot leveraging Facebook Messenger and WhatsApp. Founded in 2017 by Jonathan Elcock and Matthew Kloos, the company licenses its chatbot technology to insurance providers and has worked with Sanlam, Old Mutual, and Momentum Metropolitan. The startup reports that over 70% of its sales are completed without human engagement and that more than 250,000 South Africans have interacted with its chatbot. CompariSure said it experienced "record volumes" during the Covid-19 pandemic, though no financial figures were disclosed. The company says recent growth capital provides runway to explore new product and industry use-cases and opportunities outside South Africa. Investors are expected to provide strategic and scaling support as CompariSure pursues licensing and international expansion.

Total raised

$1M

Funding rounds

2

Latest round

Series A

Latest activity

Jan 2022