South African startup LikeMoney has launched to the public having been in beta testing since February, allowing users to make informed financial purchasing decisions by comparing financial products based on what their friends and other social media users like and recommend.
Using LikeMoney, consumers can compare credit cards, bank accounts, insurance, investments, broadband deals, car rental, flights and other items.
The startup launches based on the premise that with more and more people shopping online, price is becoming less and less of a determining factor and peer recommendations are ever-more the differentiator.
“For an increasingly savvy consumer segment that researches everything online before making purchase decisions, access to trusted information is key,” said founder Erez Atia.
“However, the knowledge that an increasing number of companies use unethical methods to make their brands appear stronger online – such as posting fake reviews and testimonials – has made the consumer cynical and suspicious.”
Atia said it is far easier to trust a friend’s experiences with a company and their subsequent recommendation than that of a stranger.
“LikeMoney is honest and fair in helping their customers and clients. The website provides unbiased, objective and independent information so users of the platform can evaluate the benefits of financial and consumer products,” he said.
“As a result, consumers can exercise confidence when purchasing financial products based on reviews from real people on social media regardless of the price tag of a product. In other words, the ratings of companies and their products are based purely on the public, which provides completely unbiased, rated recommendations.”
