Oxfam is set to benefit from the creation of the first online price comparison website dedicated to raising money for charity.

Like most price comparison sites, Compare for Good will allow customers to save money by finding the most competitive deal on a range of financial products and services, but in this case, two-thirds of its total revenue will go to Oxfam.

The price comparison industry has become a big business in recent years, with combined profits reportedly totalling more than £1bn a year and more than six million people using the sites every month.

The site has been created by Ivan Massow (pictured at the launch with Joan Collins), who made his name creating insurance services for gay men and people with HIV in the 1990s.

“I think this can be the next big thing and has the potential to raise millions of pounds for Oxfam while offering consumers the chance to find a bargain,” he said.

He added that he considers the initiative to be a social enterprise. “I’m not taking a salary and I’ve created very clear boundaries that can’t be played with.

“I am giving Oxfam a percentage of our turnover so there is nowhere to hide.”

Compare for Good is powered by beatthatquote.com and offers price comparison services and advice on products such as insurance, loans, credit cards, gas, electricity or travel.

The service is free to customers, with two-thirds of revenue going to Oxfam and the remainder being used for running and administration costs.