Financial aggregator CompareAsiaGroup has raised $50 million in its series B round led by the International Finance Corp (IFC) that was joined in by new investors Alibaba Entrepreneurs Fund, SBI Group, and H&Q Utrust.
DEALSTREETASIA had first reported last November that the World Bank Group’s private venture lending arm IFC would invest up to $25 million in CompareAsiaGroup as the group intends to accelerate expansion in the region.
CompareAsiaGroup, through its personal finance management platform, helps people across Asia save money and make better choices about personal finance with free and independent online comparison and management tools for insurance, credit cards, personal loans and other financial products.
Launched in 2014, CompareAsiaGroup is touted as Asia’s largest personal finance management platform with operations in seven markets covering over half a billion people.
The funding will be used to continue to improve the user experience by making the process of finding, comparing, selecting, getting and managing banking and insurance products significantly easier.
CompareAsiaGroup added it will further develop its proprietary technology and continue to expand its team.
IFC regional director for East Asia and the Pacific Vivek Pathak said, reaching the unbanked and under-banked is a priority and IFC believes the best way to do this is through technology.
“CompareAsiaGroup leverages technology to increase pricing transparency for financial products and improve financial literacy,” Pathak said. “Our support for innovative fintech companies like CompareAsiaGroup encourages disruptive technologies and new business models that create markets for other private sector players to engage.”
CompareAsiaGroup founder and chairman Mads Faurholt-Jorgensen, said the latest deal proves there is a clear demand for transparency and simpler processes around personal finance in Asia.
“I look forward to working with new and existing investors, our high-quality management team, and our customers as we continue to roll out ambitious plans for growth,” Faurholt-Jorgensen said.
CompareAsiaGroup claims it has experienced rapid growth and helped more than 28 million consumers across Hong Kong (MoneyHero.com.hk), Indonesia (HaloMoney.co.id), Malaysia (CompareHero.my), the Philippines (MoneyMax.ph), Singapore (SingSaver.com.sg), Taiwan (Money101.com.tw) and Thailand (MoneyGuru.co.th)
The group works with over 100 market-leading brands including American Express, HSBC, Citibank, Standard Chartered, DBS, FWD, MSIG and QBE.