CompareAsiaGroup scores $50M from investors including IFC, Alibaba and Goldman Sachs
Tuesday, July 11, 2017
(Tech in Asia by Catherine Shu) – 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.
