Personal finance management platform CompareAsiaGroup has filled its coffers with a $20m capital injection courtesy of Experian, a credit reporting bureau.
Not only will the Series B round give the startup launched in 2014 some financial muscles, but will also provide access to Experian’s technology, including its credit scoring and risk management solutions. The round brings the total investment raised by the company to over $90m.
Sam Allen, CEO of CompareAsiaGroup, said the partnership will empower the company to deliver unified customer experiences and help customers make better financial decisions.
The investment comes after the Hong Kong-based enterprise opened the doors to its new Singapore research and development centre. The money will be used to beef up and launch new open banking solutions.
Experian has shown a lot of interest in Asian FinTech related enterprises. The CompareAsiaGroup investment is Experian’s fifth investment in the region since 2017.
Ben Elliott, CEO of Experian Asia Pacific, explained that the bureau is interested in market as people “face unique obstacles when trying to access financial services or as they plan for their future financial needs.”
Elliott added, “We will continue to work on strengthening the financial profile of Asia Pacific consumers. This is a significant undertaking that requires careful attention to consumers’ overall financial literacy and access to financial services. We are glad to move further forward in this journey with CompareAsiaGroup, a trusted partner and proven industry leader.”
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