Internet Entrepreneur Is UK’s Richest U40

Simon Nixon, founder of MoneySupermarket.com, has been named as UK’s richest young entrepreneur, as released by Daily Telegraph, British based popular newspaper recently.

His net worth is evaluated to be £363 million (US$680 million).

Nixon, 40, dropped out from his accounting studies in Nottingham University at the age of 20 out of boredom. He landed his first job selling life insurance and pension schemes but he was not enjoying the job either.

One day, spotting a potential market for information dissemination in the mortgage industry, Nixon worked his way to create a system that allows buyers to compare mortgage deals available nationwide.

His first product was a successful fortnightly magazine but the growth in the computer and internet technology drove him to persuade another friend of his, an IT graduate to help him setting up PC and internet based application. As a result, MoneySupermarket was launched before the turn of the 21st century, providing easy access to retail customers to compare prices and deals.

MoneySupermarket takes small commission from the deals secured through the online transaction, starting as low as 30 pence. As the visitors grew by leaps and bounds, Nixon and company was netting more than £100 million dollars in revenues after 5 years of experience. Today, the website does not only provides information on mortgage but has expanded to other fields and areas including travel, broadband, gas and electricity, mobile phones, motoring and shopping.

MoneySupermarket has its own building, employing more than 600 employees, with half of them internet developers. Nixon took his company public in 2007. Today, every night before he goes to sleep, Nixon would grab his favorite travel magazine and browse through holiday places he wants to visit next.

Image: Jane Mingay.

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