The Indonesian firm will get a minority stake in MoneySmart, which boasts of 500k monthly visitors and annual sales to the tune of $800k.
“Indonesia is a huge market and has a massive growth potential which compliments our number one position in Singapore. Our complimentary strengths will enable us to rapidly deliver on our product development and acquisition plans,” MoneySmart chief executive Vinod Nair said.
According to the company’s website, MoneySmart was founded in 2009 and is aimed at helping Singaporeans make better financial decisions. KreditAja was launched last year and its 11-member team will now be integrated with MoneySmart, and the new management team of the combined entity will be based in Singapore.
“Moneysmart is already a well-known brand in Singapore and bringing the two businesses together gives us a fantastic platform to move forward quickly with our development plans in Indonesia. The teams in Singapore and Jakarta are already working closely together and sharing their expertise in technology, content and search marketing. We will be introducing some amazing new products and services in the coming months,” said Kredit Asia chief executive Rob Barnes.
Last year MoneySmart had raised financing to the tune of $471k from Golden Gate Ventures and NRF.