Bankrate Inc. has quietly acquired upstart MyFinance and is in the process of integrating its tools to provide a consolidated offering, a person with direct knowledge of the deal told Benzinga. A formal announcement is expected in the coming weeks.
The two had rivaled for a share of the market for lead generation among financial companies. Bankrate publishes educational resources and product comparison tools, while MyFinance generates algorithm-based advertisements. With the acquisition of MyFinance, Bankrate will now be able to innovate faster on its popular mortgage related tables and other products.
The founders of MyFinance came from startup FindTheBest, which later became Graphiq and was acquired by Amazon.com, Inc. AMZN in June 2017. They left FindTheBest before the Amazon acquisition.
Bankrate, itself, was taken over in November 2017 by Red Ventures, a brand holding company operating review platforms including CreditCards.com, Reviews.com, The Points Guy and The Simple Dollar.
Red Ventures has quickly amassed several brands in the lead generation space and, in terms of size, is one of the larger players in this arena. Other players include LendingTree IncTREE and NerdWallet.
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