Silvertree Capital acquires Nigeria’s TopCheck

Nigerian price comparison site, TopCheck, was recently acquired for an undisclosed amount by Silvertree Holdings, one of Africa’s leading internet platforms.

The price comparison site will be joining one of SilverTree’s subsidiaries, Compare Africa Group (CAG) which is active in over three African countries.

“The TopCheck team is excited to join forces with CAG. Together, we are forming Africa’s undisputed leader in price comparison,” said TopCheck founder, Thomas Pilar in a press release.

TopCheck was founded by European entrepreneurs Christian Wiesner and Jose Figueiredo, as well as Thomas Pilar in 2014.recorded fast growth last year. Not only have they processed US$10-million in Gross Application Value per month but have also raised €1-million in venture capital in 2015.

The company not only recorded fast growth in 2015, but processed US$10-million in Gross Application Value per month, and raised €1-million in venture capital last year.

“While our two companies had been competitors before, our strategies are completely in line: to be the number one online destination to acquire financial services in Africa.

“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,” Pilar continued.

TopCheck is one of Nigeria’s leading price comparison sites

Co-founder and MD of Silvertree, Manuel Koser, commented on the potential the comparison space holds. “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.”

Both Wiesner and Pilar will step aside as managing directors, however, working with CAG they will serve in advisory capacities. CAG’s MD, Ryan Marx will then be heading up 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.

The company will look to utilise TopCheck’s market position within Nigeria and combine that with Silvertree’s reach throughout the African continent to vastly expand their reach.