The Price Comparison Website (PCW) market is in dire need of disruption; although very profitable its generally viewed as an unfair, bloated and complacent industry.
FairMoney.com offers a new, multi-dimensional loans comparison website that specialises in the promotion of fair and bespoke loan opportunities to its customers.
By utilising their Machine Intelligence platform, FairMoney.com has honed its proprietary algorithms that consider not only the borrower's credit situation but also the lenders underwriting criteria, to produce a list of products that are best suited to the needs of the consumer.
The founder of the company, Dr Roger Gewolb, has invested £500,000 to date and has demonstrated his commitment to creating an ethical and transparent platform in finance through his “Campaign for Fair Finance”, which fully endorses the Fairmoney.com offering.
The Company is also supported by highly experienced a team of industry experts, including with senior level experience at market leaders such as JP Morgan Chase, MoneySuperMarket.com, GoCompare, KPMG and Standard Chartered.
The FairMoney.com team is raising £600,000 to market and hard launch the website and the Machine Intelligence platform later this year.
Accomplishments to Date
- Currently, Fairmoney.com features 44 lenders who offer up to 71 high-spec offerings to the consumer.
- V1 of the platform is complete and fully operational, and development has started on the next iteration, one which will fully implement Machine Intelligence features.
- The company has a proven track record in establishing ethical business practices, with members spearheading the “Campaign for Fair Finance” initiative.
FairMoney.com, like most other PCWs, will charge either...
- A cost per click or,
- A percentage of the loans made to advertisers
.....for visitors to their loan advertisements presented on Fairmoney.com.
However, a key differentiator between FairMoney.com and other price comparison websites is that FairMoney.com will not auction their top spots to the highest bidder, nor will it alter its searching algorithms in a way that could misrepresent an opportunity.
Nonetheless, participants in this space are often very profitable, operating on margins between 19-65%.
Use of Funds
The funds will be deployed in the following manner:
- Marketing Costs: £185,000
- Start-up Costs: £150,000
- Salaries: £90,000
- Tech Processing: £45,000
- Overheads: £130,000