Seedly will join CompareAsiaGroup's portfolio of financial services brands spanning six markets across Asia.
CompareAsiaGroup has acquired Singapore's largest personal finance community from e-commerce cashback startup ShopBack, which fully acquired the platform in 2018, the company announced on Tuesday.
Seedly, which was founded in 2016, has a team of 25. It provides a budgeting app for young working professionals in Singapore to manage their finances and publishes articles on personal finance.
The platform will continue to run as an independently branded standalone platform and plans to collaborate with more business and build up more product features following the acquisition, the announcement said.
Changing Landscape
According to CompareAsiaGroup, Covid-19 has changed the financial landscape towards a more online, self-serve approach. «Savvy customers are opting to do their own research to figure out which products are best for them, via content, comparison, discussion and reviews,» the company said.
Sam Allen, CEO of CompareAsiaGroup, said the acquisition accelerates CompareAsiaGroup's ability to help people build the right portfolio of financial products, and will allow the company to continue expanding its footprint and impact in the region
Large Ecosystem
CompareAsiaGroup, headquartered in Hong Kong and Singapore, was founded in 2014. Its portfolio includes online comparison and finance education tools such as MoneyHero, CompareHero, MoneyMax, SingSaver, Money101 and MoneyGuru, which counts over 10 million monthly users.
It has raised more than $110million raised from investors such as Experian, IFC, a member of the World Bank Group, Pacific Century Group, Goldman Sachs Investment Partners VC and Growth Equity.
