South Africa’s Silvertree acquires leading Nigerian price comparison site

Slivertree Internet Holding has acquired TopCheck, Nigeria’s online price comparison site for financial services, for an undisclosed fee.

The deal makes it the third time the Cape Town based Silvertree is investing in start-ups in Nigeria. In 2015, it acquired insured.ng from Spark, and Dealdey in 2016 from Kinnevik.

The acquisition of TopCheck, which is generally regarded as Nigeria’s leading price comparison website for financial services, makes Silvertree perhaps the largest price comparison group on the continent.

The merger will see TopCheck join Silvertree’s subsidiary Compare Africa Group (CAG). CAG is active in South Africa, Kenya and Nigeria, and offers online price comparison of goods and services.

“The TopCheck team is excited to join forces with Compare Africa Group. Together, we are forming Africa’s undisputed leader in price comparison,” said TopCheck co-founder, Thomas Pilar.

‘‘With TopCheck’s market position in Nigeria, and Silvertree’s wide reach throughout Africa, we look forward to further accelerating the company’s growth across the continent.”

Manuel Koser, who co-founded TopCheck with Pilar in 2014, explained the enormous potential in the comparison space. “We want to replicate the success of Check24 in the German financial services and insurance comparison space.”

“TopCheck joining our portfolio is another step in building Africa’s largest comparison conglomerate,” Koser MD of Silvertree, added.

Christian Wiesner and Thomas Pilar will step aside as managing directors, but will continue to work with CAG as advisors.

Ryan Marx, CAG’s MD, will take over leadership of TopCheck with immediate effect.

“I am very happy that Christian and Thomas will continue to advise Compare Africa Group with their vast expertise in the Nigerian financial sector,” said Marx.