A little over a two years ago – by only a few weeks mind you – SmartHippo announced their beta launch to the world. Since that launch SmartHippo as continued to grow and evolve into a very interesting platform for consumers looking for the lowest rates. The combination of consumer feedback, ratings and bank posted interest rates gives an interesting spin on the evolution of transparency in the industry. The mortgage crisis hasn’t been nice for many start ups in the industry but SmartHippo continues to make big strides in their continued evolution.
Today they announced two very big developments. 1. The naming of former LendingTree General Manager, Lori Collins as their new CEO. 2. The expansion into the Spanish market with launch of HipoListo.es.
Lori Collins who was on the team that grew LendingTree from $7 million to $476 million has been on the advisory board at SmartHippo for over a year. The transition into a full time role will be a very nice addition to the SmartHippo team.
SAN FRANCISCO, CA AND MONTREAL, CANADA — October 14, 2009 — SmartHippo,
the first web site that let consumers use the power of the community to shop for
financial products, announced today it has named Lori Collins as its new CEO.
“Weʼre very excited by Loriʼs unique experience in both the web and finance sectors,”
said Founder George Favvas, who will continue his involvement in the company as VP
Corporate Strategy. “Iʼm confident that with Lori at the helm we are well positioned for
our next phase of revenue growth.”
As General Manager of the LendingTree Exchange, Collins was responsible for sales,
relationship management, and product management for the LendingTree lender
network. She was part of the executive team which increased revenues from $7 million
to $476 million over seven years.
“SmartHippo has a very compelling business model,” Collins said. “Community-driven
product comparisons have become the norm in other industries, and Iʼm excited to be a
part of the company that is bringing these innovations to the financial space.”
Unlike intermediary web sites which match consumers with lenders based on business
relationships, SmartHippo is an open, transparent marketplace where consumers help
each other find the best financial products. They can ask questions, compare rates and
share reviews and experiences with other consumers and make a more informed
decision. Lenders and brokers participate by answering questions and posting rates,
and consumer feedback keeps them in check.
The Second announcement is even more interesting and that is their move into Spain. Its my opinion that there are a number of opportunities internationally for personal finance platforms, however most companies never give it a second thought. Here is the press release on there entrance into the Spain market.
SAN FRANCISCO, CA and MADRID, SPAIN — October 14, 2009 — SmartHippo, the
first web site that let consumers use the power of the community to shop for financial
products, announced today a strategic partnership with Financialred Networks which will
see the launch of HipoListo.es in the Spanish market.
Under the terms of the agreement, Financialred has acquired an exclusive license to
market the SmartHippo brand and technology platform in Spain.
“The web finance space is in its infancy in Spain and we believe we have an opportunity
to rapidly establish HipoListo as the dominant player in a market of 50 million
consumers” said Jesus Perez, Chief Strategy Officer of FinancialRed. “By leveraging
the SmartHippo platform we were able to significantly reduce our time to market.”
As part of the partnership, SmartHippo will manage the software platform while
Financialred focuses on localization and sales and marketing.As of todayʼs launch,
HipoListo.es mortgage vertical, with other verticals planned for early 2010, he added.
“Weʼre thrilled to be a partner in bringing the first social financial comparison shopping
engine to Spain,” said Lori Collins, CEO of SmartHippo. “Our partnership with
Financialred signifies our commitment to work with and drive profitability to media
companies with existing user bases.”
To learn more about SmartHippo check out this interview here and here with SmartHippo founder George Favvas.
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