Following the investment, Bamboo and IFC will jointly appoint a Board Member to represent the Series C investors. The investors will have the right to appoint a second Board Member if they participate in subsequent investments.

Founded in 2009 by Chilean entrepreneur Sebastian Valin, ComparaOnline is an online platform that allows consumers in Brazil, Chile, and Colombia to make informed choices when purchasing insurance and financial products. Its proprietary technology and seamless integration with service providers offer consumers a comprehensive and independent tool to compare and purchase car and travel insurance as well as consumer loans, credit cards and other financial products.

ComparaOnline serves over 1 million monthly active users and generates income off of lead generation services for its credit and insurance brokerage business lines.

The Series C capital will focus on scaling ComparaOnline’s technology platform and incorporating advanced machine learning capabilities to improve customer experience. Additionally, the funds will be used to strengthen ComparaOnline’s competitive position in Brazil, as well as supporting its regional expansion plans.

Commenting on the investment Jean-Philippe de Schrevel, Founder & Managing Partner at Bamboo Capital Partners, said: “Bamboo is excited to add ComparaOnline to its financial inclusion portfolio as it brings a fresh and unique approach to the distribution and transparency of insurance and other financial services in Latin America. This investment further cements Bamboo’s regional leadership in financing innovative and impactful financial institutions.”

Bernhard Eikenberg, Fund Manager at Bamboo Capital Partners added: “ComparaOnline is only just beginning its journey of disrupting the traditional finance business models seen in the region and we see significant opportunities for further expansion and customer acquisition in the medium to long term. Given Bamboo’s track record of investing in similar companies, we will also be able to leverage our experience and knowledge to support ComparaOnline with the next phase of its growth and development.”

Sebastian Valin, Founder of ComparaOnline added: “Bamboo's hands-on experience in the field will undoubtedly help us direct the future of ComparaOnline. We are specifically thrilled to start working with them on how we can increase our impact by reaching more consumers through expanding our marketplace platform. We look forward to a fruitful cooperation and addition to our board”.

ComparaOnline has completed two prior funding rounds in 2012 and 2013 respectively. A number of existing shareholders also participated in the latest Series C investment alongside Bamboo Capital Partners and IFC.