CIMET Secures Significant Investment from iSelect to Expand its Product Offerings and Enter New Markets
CIMET, a startup founded in late 2018 by CEO Ankit Jain, has recently secured a substantial capital infusion from strategic investor and partner iSelect. This funding will be utilized to broaden the company’s product and technology offerings, extending beyond the energy and broadband sectors into new areas such as banking and finance. CIMET aims to provide a comprehensive range of services, including credit cards, loans, insurance, and buy-now-pay-later options. Additionally, the company plans to expand its operations into international markets.
With over 30 white label and co-branded partners, CIMET has positioned itself as a formidable player in the industry. One of its notable partnerships is with the Finder platform, which has pitted CIMET against competitors like Choosi and Compare Club. The company’s success is further evidenced by its impressive year-on-year revenue growth of 76% for the fiscal year 2021.
Ankit Jain expressed his excitement about iSelect’s involvement, stating, “We are thrilled to have iSelect onboard as our strategic investor and partner as we begin this new chapter.” He emphasized the significance of securing a substantial investment from a well-established brand like iSelect in such a short period of operation, marking a crucial milestone for CIMET.
Jain also highlighted the advantages brought by iSelect’s expertise and intellectual property in the comparison field. He stated, “Thanks to iSelect’s deep expertise and IP in comparison, we are now well-equipped to turbo charge our expansion.” CIMET aims to leverage this partnership to augment its product and technology portfolio, offering innovative and digital-first comparison services across various sectors, including credit cards, home loans, car loans, personal loans, life insurance, health insurance, pet insurance, and more.
One of CIMET’s key differentiators is its commitment to providing a deeper dive into comparison services, free from the influence of paid content. Jain emphasized the crowded nature of the online comparison market in Australia, with most platforms offering a superficial directory solution. In contrast, CIMET’s fully integrated online comparison and signup platform offers an end-to-end solution, empowering users to make more informed financial decisions through unbiased comparisons.
With iSelect’s support and CIMET’s dedication to delivering comprehensive and unbiased comparison services, the company is poised for significant growth and expansion in the competitive Australian market and beyond. This new phase represents a turning point for CIMET, propelling it toward a promising future as a leader in the industry.
