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Start-up helps Kiwis shop around for rates

Start-up Ratebroker is offering Kiwis a one-stop shop where people can easily compare quotes for the likes of mortgages, insurance and vehicle finance.

The Auckland-based company was founded last year by Matthew Grant and Matt Smith after Grant said he was fed up with door knockers coming round every evening.

"No-one likes door knockers trying to sell them something, and no-one likes having to try and go through multiple companies to get a good deal," Grant said.

"It was on this basis we created RateBroker. We essentially want it to be a one-stop shop for consumer services under the one umbrella."

Customers could choose from the available services on the website before filling out a brief survey depending on which service it was for.

For example, a quote on life insurance might ask for age, gender, and whether the person smoked.

The site would then generate options from each of the different companies offering life insurance, along with quotes and general information on each firm.

Financial advisors could offer further advice if the customer needed it.

The business, which Herald publisher NZME recently bought into, employs five staff and this number is expected to grow as the company expands.

The benefit of RateBroker was that it compared between six and eight companies for its services, and offered an unbiased approach as Grant said it didn't make a difference to RateBroker which firm the customer used.

In February last year after launching, the company processed about $10 million worth of mortgage enquiries and last month a year on processed more than $100 million.

"We have another two or three months worth of adding in all the different verticals and then we look into Australia."

Growth had all come from word of mouth Grant said.

The company was currently seeing several hundred customers a month, and Grant said this was expected to grow as the business looked to add services such as power and cell phone
and internet to its suite.

The company is planning to expand to Australia, before looking to launch in other countries.

Grant said he hoped to be in three or four countries by the end of the year.

- NZ Herald

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