Personal financial platform CompareAsiaGroup raises US$20m in Series B1 round

COMPAREASIAGROUP, parent company of financial comparison site SingSaver, has raised US$20 million in its first close of Series B1 investment led by information services company Experian.

The funding round includes a partnership that will allow CompareAsiaGroup access to Experian's technology.

The financial management platform for banking and insurance products and services will be able to use Experian's cloud native platform to access Experian's digital onboarding platform, decision management and eligibility scoring services.

The partnership will also enable a range of new open banking services in Hong Kong - a high-priority market for both companies, they said.

The services will be rolled out to other markets in accordance with local laws and regulations, they added.

The funding round follows CompareAsiaGroup's previous investment in digital resources, including the 2018 launch of the CompareAsiaGroup Technology and Research and Development Centre in Singapore which was supported by the Singapore Economic Development Board.

The personal finance platform, founded in 2014, said it reaches 60 million users across six markets including Hong Kong Singapore, Taiwan and Thailand.

Previous investors in CompareAsiaGroup - which have pumped in more than US$90 million - include IFC, Goldman Sachs Investment Partners VC and Growth Equity, ACE & Company, Jardines, Alibaba Entrepreneurs Fund, SBI Group and H&Q Utrust.

Experian's investment in CompareAsiaGroup follows a recent investment in Grab, with both deals "serving as clear commitments to the Asia-Pacific fintech industry", Experian said.

Ben Elliott, chief executive officer, Experian, Asia-Pacific, said: "The challenge of financial inclusion is not limited to emerging markets. Across developed markets like Singapore and Hong Kong, many face unique obstacles when trying to access financial services or as they plan for their future financial needs."

Sam Allen, chief executive officer, CompareAsiaGroup, said: "We are passionate about delivering a unified customer journey, from product comparison to digital application, in order to help our customers make wiser financial decisions.

"We look forward to connecting more customers with the right products, especially consumer loans and cards, and offering a secured and integrated digital experience that is unique to each customer."