Mozo – StartupSmart
Mozo is a financial services online marketplace, helping more than 300,000 Australians find a better banking or insurance deal every month.
The site provides free independent product information, with peer-generated content and personalised comparison tools to help consumers find the most suitable financial product.
According to founder Rohan Gamble, Mozo is the only financial comparison site in Australia that delivers full market comparisons to consumers.
“Our proprietary database covers over 1,950 products from 196 providers across 23 product categories, from personal banking, business banking, insurance and travel money products,” Gamble says.
“In addition to the Mozo website, we co-branded comparison services for some of Australia’s leading online publishers. Our partners include Fairfax Digital, BigPond and Choice.”
Gamble says he started the business because he saw an opportunity to create a “true consumer champion brand” and online marketplace in the financial services sector.
“It is no secret that for most Australians, financial decision-making is a chore,” he says.
“Visit a financial services website and you’ll start to understand why – serious images, jargon-loaded content and brain-racking tables.”
“Mozo was the first online comparison site to offer users a fresh perspective to the dull and jargon-filled world of financial services.”
Mozo intends to be site of choice for consumers wanting to make financial decisions, and the preferred online distribution channel for financial institutions wanting to acquire new customers.
“A major challenge to starting our business was our timing. Just as were about to launch, financial markets imploded,” Gamble says.
“Suddenly, the revenue model of our start-up – based on a healthy and competitive retail banking marketplace seeking to acquire new customers – seemed a little out of place.”
“We revised our launch plans and lowered our cost base. We turned to PR and social media channels to build the brand rather than more expensive mainstream online advertising.”
“We also had to make some tough calls on staff and make things work with less people.”
Gamble says while he wouldn’t want to relive this experience anytime soon, the business is far better off as a result, and has successfully turned a vision into a profitable reality.