Hong Kong-headquartered CompareAsiaGroup, a financial management platforms for banking, insurance products, and services, has raised USD 20 million first close of Series B1 funding with Experian, a global information services company, as lead-investor.
Founded in 2014, CompareAsiaGroup claims to have 60 million users across six markets, including Hong Kong (MoneyHero.com.hk), Singapore (SingSaver.com.sg), Taiwan (Money101.com.tw) and Thailand (MoneyGuru.co.th). The company has currently raised more than USD 90 million since its foundation.
Besides the fresh funding, the investment will allow CompareAsiaGroup to tap into Experian’s technology to deepen its focus on delivering consumer solutions. CompareAsiaGroup will also benefit from Experian’s cloud-native platform Experian One, a tool for customers acquisition and credit decisions, according to an official statement.
The collaboration will also enable to propel a range of new open banking services in Hong Kong.
Experian’s investment in CompareAsiaGroup is the latest in a series of Asia Pacific investments made by the company in the past 18 months.
It follows recent Experian’s investment in Grab’s ongoing Series H funding round, a move to improve mobility-enabled solutions and financial services on the ride-hailing app.
Last year, the company also invested USD 10 million Series B follow-on investment in Malaysia’s fintech solution provider Jirnexu, as well as USD 28 million Series C financing in C88 Financial Technologies, the parent company of Indonesia’s CekAja.com and Philippines’ eCompareMo.com.