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Chile-headquartered financial services comparison website ComparaOnline is expanding its presence in Colombia - and has other countries in its crosshairs.
The company has agreed to buy Colombian peer ComparaMejor, the biggest player of its kind in the nation's online insurance comparison space.
The move will boost ComparaOnline's web traffic in Colombia: ComparaOnline gets about 60,000 visits a month there, while ComparaMejor registers around 400,000.
"This acquisition is part of a strategic regional expansion and growth plan," ComparaOnline CEO Sebastián Valin (pictured), told BNamericas.
Indeed, ComparaOnline, which operates in Chile, Colombia and Brazil - and recently opened its digital doors in Argentina - is looking to expand into Peru and Mexico next year. The company operates in the online insurance and bank product comparison spaces, with Brazil accounting for more than half of its 2mn monthly visits, followed by Colombia and Chile. In Chile, the company recently entered the private pension fund comparison segment and is planning on launching a service that people can use to compare options available under the country's mandatory health insurance system.
On Colombia, Valin added: "Colombia is a country that has experienced stable economic growth in recent years and where consumers are adapting strongly to online commerce.
"These two factors combined leads us to believe that Colombia's online insurance market will grow in the double digits in the coming years. ComparaMejor is the leader in online insurance in the country and a site that has developed good domain authority. In other words the company has, through the provision of quality content and information, generated a good flow of organic traffic which, for us, is the company's biggest asset. In addition, ComparaMejor enjoys a good relationship with all of the country's insurers, which we obviously want to work to maintain."
Next year is the 10th anniversary of ComparaOnline's founding. To mark this, the company will undergo a brand overhaul, as part of which the two brands in Colombia are due to be unified.
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