The firm behind SingSaver and Money Hero said this investment would allow it to intensify its focus on delivering enhanced customer solutions.
CompareAsiaGroup, a personal finance management platform for banking and insurance products and services, has announced the first close of its Series B1 funding round with $20 million raised, led by business data and analytics firm Experian.
This is Experian's fifth major investment in Asia Pacific since 2017 to promote greater consumer financial health in the region, and follows its recent investment in Grab. The Group said the partnership aims at boosting the adoption of digital financial services in the region and enable a range of new Open Banking services in Hong Kong.
The new funds would allow CompareAsiaGroup to enhance its use of data-driven technologies, to offer customers «more personalised services with new levels of innovation, efficiency, and scalability,» Experian said in a media announcement.
Investing in Digital Resources
CompareAsiaGroup operates personal finance platforms in six markets, including Money Hero in Hong Kong and SingSaver in Singapore. It has been investing heavily in digital resources, and in 2018 launched a tech R&D center in Singapore, supported by the Economic Development Board.
Since its founding in 2014, it has raised more than $90 million from the likes of the International Finance Corporation, Goldman Sachs Investment Partners, ACE & Company, Jardines, Alibaba Entrepreneurs Fund, SBI Group and H&Q Utrust.
