Hong Kong-based financial comparison website CompareAsiaGroup, which also operates the Thai website www.moneyguru.co.th, announced it has raised $40 million in series A funding led by Goldman Sachs Investment Partners, Jardine Pacific, Nova Founders Capital, ACE & Company and Route 66 Ventures.
Till now, CompareAsiaGroup’s has raised a total of about $45 million, including an earlier seed round in September 2014.
Co-founder and managing director Gerald Eder said that the proceeds from the latest round would go toward expanding its financial products and marketing.
Launched one and a half year ago, CompareAsiaGroup operates sites in eight Asian countries, including Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam. It lets consumers compare credit cards, loans, insurance, and other financial products for free.
The company makes money by partnering with more than 60 banks and insurance companies including HSBC, Citibank and Standard Chartered, and charging them if a user signs up for their services through its sites.
In return, the site help financial institutions to reach more customers without the expense of setting up new branches, hiring more sales agents, or paying for radio and television commercials.
According to e27, the comparison portal is targeting an estimated $52 billion market, which is the current marketing and customer acquisition spend of financial products across its target markets in Asia.