CompareAsiaGroup, a Goldman Sachs-backed financial aggregator has bagged $50 million in its Series B round led by the International Finance Corp (IFC). Alibaba Entrepreneurs Fund, SBI Group, and H&Q Utrust also participated in the funding round, along with existing investors Goldman Sachs Investment Partners, Nova Founders Capital, ACE & Company, and Route 66 Ventures also participated in the round.
Through its personal finance management platform, CompareAsiaGroup provides price comparisons and helps people across Asia save money and make better choices about personal finance. With this new funding, the company intends to accelerate expansion in the region and improve the user experience by making the process of finding, comparing, selecting, getting and managing banking and insurance products significantly easier. Also, it aims to develop its proprietary technology and continue to expand its team.
CompareAsiaGroup Chairman Mads Faurholt-Jorgensen revealed that the company plans to deploy the new funds toward technology, marketing and hiring. Also, he plans to up the hiring process claiming that the number of employees will increase from 150 to over 200 in the next couple of months.
According to Vivek Pathak, Regional Director for East Asia and the Pacific, IFC, reaching the unbanked and under-banked is a priority and IFC believes 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,” Pathak said to DealStreetAsia.
In April 2015, the company had announced $40 million in Series A funding, which was used to expand offerings to more categories, including investment products and life insurance, and into marketing. It will continue to focus on the seven markets in which it currently operates, and sees the biggest opportunities in the Philippines, Indonesia and Thailand.