London-based CompareFinanza.it, which serves the Italian price comparison market, has secured €5.3 million (£4.6 million) worth of development capital.

Braveheart Investment Group subsidiary Envestors has led the round alongside other backers such as former Benfield Group CEO Grahame Chilton and Rupert Lowe, chairman of Torus Insurance.

CompareFinanza has its operational base in Rome and claims to be the only aggregator for insurance and financial products which is free, independent and regulated by both the Association for the Supervision of Insurance in Italy and the Financial Conduct Authority in the UK.

Robin Daina, CEO of CompareFinanza, says that the funding round has set the business up for its next stage of growth.

He adds, ‘We have built a strong position in a market that has huge potential. The Envestors team have done a great job conducting this round and are great people to work with.’

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The funding round represents the third time that CompareFinanza has secured capital, with its previous two rounds netting it €1.4 million. Its existing backers are maintaining current percentage holdings as part of the new round.

CompareFinanza is currently working with partners such as Direct Line, AXA Direct, Admiral, Allianz Direct and ACE. It has also begun comparing and selling personal loans and mortgages and is currently expanding into credit cards and bank accounts.

Nick Taylor, co-founder of Envestors, comments, ‘Robin and his team have identified a big opportunity and are addressing the market in a purposeful, innovative way.’

Envestors’ last deal came through the £1.2 million backing of surgical accessory business Cipher Surgical back in February.