Money Super Market
Comparison sites have been in the tricky position of telling their customers to think twice before switching energy suppliers. Revenue for Moneysupermarket’s home services division, which includes energy price comparison services, fell 46% YOY to £14m in the three months to September. Overall group revenue in the quarter was down 10% to £76.4m.
However, Moneysupermarket.com Group has recently agreed a deal to buy consumer cashback company Quidco which reported revenues of £59.2m for the year ending 31 July 2021.
Peter Duffy, chief executive at Moneysupermarket Group, said: “Moneysupermarket Group exists to help households save money. Today we’ve added a broad and compelling cashback offer. We welcome Quidco: a profitable, successful business, with strong consumer engagement and high growth potential. We have experience of bringing complementary businesses into the group and helping them thrive while sharing their capabilities more widely.” He added: “Our growing stable of well-known and trusted consumer brands will provide households with an even more compelling savings offer. We look forward to working with Quidco to deliver this.”
Quidco is said to be the second largest cashback business in the UK with approximately one million transacting users. It offers cashback at about 4,500 merchants including retail, travel and switching services.