Southeast Asia CompareAsiaGroup has picked up a $50m Series B funding round, led by IFC who committed $15m to the investment.
Other investors taking part in the round included new backers Alibaba Group, SBI Group and H&Q Utrust. Also contributors were existing relationships including Goldman Sachs, Nova Founders Capital and ACE & Company.
Hong Kong-based CompareAsiaGroup runs an online personal management platform across Asia, which helps customers get independent comparison and management of insurance, credit cards, personal loans, among other financial products.
The company’s platform operates under different names across the region with its Singapore-based product being SingSaver.com. In Hong Kong it is known as MoneyHero, in Indonesia as HaloMoney, Malaysia’s platform is called Compare Hero, the Philippines version is called MoneyMax, in Taiwan it’s Money101 and in Thailand it is called MoneyGuru.
Through the platform banks receive reduced distribution costs and increased access to untapped clients. Last year 28 million customers used CompareAsiaGroup, which currently operates in eight countries in Asia, including the Philippines and Indonesia.
IFC East Asia and Pacific regional director Vivek Pathak said, “At IFC, reaching the unbanked and under-banked is a priority and we believe the best way to do this is through technology. CompareAsiaGroup leverages technology to increase pricing transparency for financial products and improve financial literacy.
“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.â€
With the capital, CompareAsiaGroup will increase financial inclusion, financial literacy and innovation across the region.
This investment brings the company’s total funding to around $90m, with CompareAsiaGroup picking up a $40m Series A in 2015.
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