Hong Kong, July 10, 2017
CompareAsiaGroup, which runs online financial marketplaces in seven Asian countries, has closed a $50 million Series B. The round was led by the International Finance Corporation (IFC), a member of the World Bank Group, and includes capital from new investors Alibaba, SBI Group and H&Q Utrust. Returning investors like Goldman Sachs Investment Partners, which led CompareAsiaGroup’s $40 million Series A in 2015, Nova Founders Capital, ACE & Company and Route 66 Ventures, also participated.
CompareAsiaGroup claims that more than 28 million people used its sites last year, making it the largest personal financial management platform in Asia. The company’s marketplaces, which operate under different names in 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), allow users to search for credit cards, bank loans and insurance plans based on their needs and risk profiles.
In several of these markets, credit cards and online financial services are only just starting to see traction, which makes IFC and CompareAsiaGroup important strategic partners for one another.
“There are more than 600 million people across those markets and what we are passionate about is helping customers build healthier financial lives,” CEO Sam Allen tells TechCrunch. “That is aligned with IFC and what they are planning to do, which is build financial literacy and financial inclusion.”
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