Aggregator disruption: Customers flock to GoCompare’s auto-switching

GoCompare (GoCo) has exceeded all targets in getting customers onto its automatic switching service, in a significant boost for the price comparison site. 

GoCo already has more than 220,000 live customers, growing by 28% since July. 

It means the business has already smashed its target, months early, to grow customers by at least 25% by December 31.

GoCo operates two brands, Look After My Bills and weflip, switching customers automatically on things like electricity to better priced providers.

GoCo is now targeting 260,000 customers by the end of the year, around a 50% growth on the 175,000 customers who were live in July.

However, there are no announced plans to use the service in insurance. 

GoCo chief executive Matthew Crummack said: “Our strategy to address the needs of the infrequent switchers continues to build momentum.

”I am delighted to announce we’ve already exceeded our previous target for full year live customer numbers - demonstrating the market potential for our AutoSave business.

“We are committed to continuing to grow our AutoSave business. Our ambition is to rapidly scale customer numbers and maintain a disciplined approach to the cost of customer acquisition.

”We believe that this will lead to a significantly higher EBITDA margin profile for GoCo Group and be transformative to Group earnings by 2022.”