Comparabien allows customers in emerging markets to compare money, insurance and telecoms. Co-founder and Cass Business School alumnus Leo Castellanos talks us through its founding.
Leo Castellanos saw so much promise in entrepreneurship and emerging markets that he was prepared to leave a consulting career behind. After working at PwC and EY, he started an EMBA at Cass Business School, where he met his co-founder, Alfredo Ramirez.They launched a pilot in Peru, but since the company really started going in 2010, Comparabien has expanded across five Latin American countries. Today Comparabien operates in Argentina, Brazil, Colombia, Chile and México.
Leo talks us through how the business was founded, what challenges they have faced, and why emerging economies are a good place for MBAs to launch a start-up.
What is the company's size?
We’ve got a team of ten now.
Which sector does it operate in?
Currently our products are oriented towards various sectors of the financial market; however our services will expand in the future to offer comparisons to other fields such as telecommunications, energy, consumer products.
What does the business do and what are your core/flagship products?
The company was formed with the aim of providing unbiased and reliable information on market offerings. Our products’ comparisons are applications free to use, to allow our users to compare different offers of products and services in an easy and intuitive way, also providing useful information to consumers.
We compare three verticals; money; insurance, and telecoms.
Who is the CEO/ founder?
I co-founded the company with Alfredo, who was in the same cohort as me on the EMBA program at Cass. He is the CEO and I have mostly handled securing finance and expansion into other countries.
How was the company founded?
We were talking about the possibly of taking some proven business models here in the UK to Latin America and we concentrated on online comparison websites. In the UK they didn’t exist 15 years ago, but now they are a proven way to create value.
But now they are a vibrant and proven way to create value, similar to the concept of Moneysupermarket or Go Compare - something that people can relate to easily.
The first thing Alfredo did when he went back to Peru after graduating was put together a pilot. We bootstrapped and I worked on nights and weekends, and finally we launched in 2010.
What potential did you see in emerging markets?
Being Latin American, we thought it was about time someone took this concept to our countries. We didn’t really know it would take off, so the acceptance and feedback from people has been brilliant.
The region has been growing somewhere between 8-10 per cent in the last 10 years. In Brazil, millions of people have entered into the middle classes. These are people who for the first time are buying a house or a car, are insuring it, and who have access to credit cards.
And we realized if this idea will take off somewhere, it should be in Latin America.
How have you handled expansion into five different countries?
Complying with the framework is very different in each company. But while it’s a huge challenge, once it is overcome it becomes a competitive advantage. The other challenge is educating people that don’t really believe that our business will create value for them.
In the UK it’s been happening for years, but in Peru, to convince a bank you will decrease their costs… it takes a little bit of time.
What is the future of the business?
Now we’re looking for growth. I’m lucky enough to have a co-founder who went full-time on the business about a year ago. My main role has been raising investment and dealing with expansion but he manages day to day operations.
We’ve had this entrepreneurial dream for some time and it’s truly exciting to do something for us, that is ours not someone else’s. This industry is a game that is only won through advertising. Medium to long term our strategy will go hand in hand with advertising.
Student Reviews
Best Journalism school in Europe
When I first stepped onto the campus of City, University of London, I knew I was in for a ride - and not just on the Tube! With its vibrant energy and an impressive repertoire of programs, City U became my home away from home.
The Journalism program was kind of a big deal. Rumour was that we were the best in Europe!
The lecturers were not just experts in their field; they’re practically journalistic royalty. They were invested, passionate, and had a knack for turning the most flat press release into a riveting news story. With their guidance, I’ve learned to navigate the chaotic world of media like a pro.
The campus was a melting pot of every culture, being that we had such a diverse international crowd.
Being in the heart of London, I had the world at my fingertips - there was always a new corner to explore, a hidden gem of a cafe to discover, or a street performer!
City, University of London wasn't just a university; it was a chapter in my life story that I’ll never forget.
Learning environment
The teacher-learner ration is manageable, giving each learner a chance to gain personal attention. It is also easier following up on the progress of a student, as the numbers per class is not large. the conducive environment for learning includes clean classes, standard desks, world class instructional facilities and the opportunity to engage lecturers even after their sessions. The team spirit at City is above board, with learners getting chance to learn both from instructors and colleagues. This is the university of choice; the place to be.
Classes
I liked that each class had a manageable number of learners, making the professor-learner ratio favor knowledge acquisition. I also liked that study schedules were manageable, and not overwhelming. The focus on talents and gifts even within the learning environment makes it possible for learners to achieve the best of their potential, and this has worked to the advantage of those that have schooled at City, University of London
Classes
The diversity at City University facilitates interactions and is a direction toward the unity of the world. The classes are well built to match the number and needs of all students regardless of the elements of diversity that set people apart. The use of technology in delivery makes learning even more interesting and achievable. At City University there is no distinction pegged on the issues that make people unique.
professors
The team of lecturers at the Uiversity are well experienced. Their level of insight and the methodologies of delivery works for the interes of the leaeners. My learning experience was largely boosted by the level of knowledge of the professors at the institution, and their passion to transfer the same to learners. I appreciate every class I attended because of the level of insight I was able to gather
The best university I’ve been to
The campus and the people I've met have made it a wonderful experience. I was reared in a small town with a graduating class of only 88 individuals, so moving to City University was a huge adjustment for me. My dorm has more residents than my whole high school combined! I enjoy the atmosphere here, and everyone is so friendly. Outstanding academic options and a stunning campus. Really great from beginning to end. The educators genuinely love what they do, and the students are ready to learn. On or around college, there is always something to do with friends, and the social scene is particularly warm.
Bayes Business School
As a student at City university attending Bayes Business School I would totally recommend choosing this university as the experience is exceptional with great social networking opportunities . Professors are significantly helpful, delivering with excellence and professionalism. Everyone is happy to help and make you feel welcomed in such an esteem university as City, offering exceptional development and guidance through out the course.
Economics and Politics
Incredibly amazing university, the way they polish students and help them boost their morale and think intellectually is worthwhile. Many universities have international partnerships to allow exchanges between their students. The most obvious subjects for these opportunities would be those that involve languages, and the study of people and places.
Clinical biology
I really like it it’s perfect for me with not too many people and not too few either. All the modules are amazing. I love the toy bar. I love all the societies that I’ma part of. Especially the colour Bollywood society
