MoneySmart raises S$2.8m in Series A round

MONEYSMART, a homegrown personal finance portal, has raised S$2.8 million in a Series A round led by SPH Media Fund, and joined by Indonesia's Convergence Ventures, Singapore's OPT SEA and Golden Gate Ventures, as well as notable local entrepreneurs including Zopim co-founder Royston Tay.

MoneySmart founder and chief executive officer Vinod Nair said: "My immediate plan is to grow our team of content writers and developers, and to amplify the brand and expand into one new market in Asia.

"We're thinking the Philippines, Thailand or Hong Kong, by mid 2016."

MoneySmart, which also has a presence in Indonesia since the acquisition of Indonesian counterpart DuitPintar.com in November 2014, analyses and provides comparisons for a range of products from credit cards and life insurance policies to home loans and bank accounts.

It was founded in October 2009, and is one of at least six active personal finance portals in Singapore today. Among its competitors are GET.com, Moneyline and iMoney.

MoneySmart achieved break-even and turned profitable at the end of 2014, BT has learnt.