COMPAREASIAGROUP, a Hong Kong-based financial comparison startup, raised $40 million in additional funding from a number of investors, led by Goldman Sachs, to boost its portfolio of consumer finance products.
Besides Goldman Sachs, other investors who participated in the Series A funding were Jardine Pacific, Nova Founders Capital, ACE & Company, and Route 66, as well as globally renowned angel investors Mark Pincus (Founder of Zynga), Owen Van Natta (ex-COO Facebook, ex-CEO of MySpace) and others.
CompareAsiaGroup is Asia’s leading comparison platform for personal financial services such as credit cards, loans, to broadband and car insurance.
The free-to-use site gives consumers easy visibility into the services that best match their price and needs, while also giving banks and insurers a new channel to reach customers, which fundamentally cuts down their marketing and distribution costs.
In the Philippines, CompareAsiaGroup currently operates MoneyMax, the country’s most comprehensive online platform for comparing financial and telecom products and services.
“This new round of investment will further enhance our market-leading offering to consumers in the Philippines with improved services, widening of our partner network and additional marketing initiatives,” Jorrit Koop, managing director for MoneyMax Philippines, said in a statement.
As the largest financial comparison platform in Asia, with operations in eight markets covering over half a billion people, CompareAsiaGroup seeks to exploit the high growth in personal financial services in this region.
The platform helps consumers save money and time when searching for the best products for their needs while also reducing the heavy distribution costs of its over 60 banking and insurance partners which includes Mapfre, Charter Ping An, and Standard Insurance here in the Philippines.
“This tremendous support and signal of confidence reinforces the belief in our mission to deliver transparency and choice to consumers while also giving partners an innovative new channel to reach the consumer,” said Gerald Eder, co-founder and managing director of CompareAsiaGroup.
“We give the power back to consumers by increasing financial education, market transparency and country-wide access to financial products,” he added.
“We have been impressed by the achievements and high-quality management team of CompareAsiaGroup. Asia presents a unique opportunity for the company, the financial industry is growing rapidly but has remained relatively untouched by technology. We hope to assist the company in achieving its ambitions and create value for its customers and shareholders,” Kenneth Eberts, co-head of Goldman Sachs Investment Partners, said. As part of the funding round, Goldman Sachs Investment Partners will join the board of directors of CompareAsiaGroup.
Leading banks and insurance companies are already welcoming the platform and the opportunity to reach new customers while reducing their overall customer acquisition costs.
CompareAsiaGroup is targeting an estimated $52 billion market, which is the current marketing and customer acquisition spend of financial products providers across its target markets in Asia.
Founded by fintech-investor Nova Founders Capital and Gerald Eder, CompareAsiaGroup consists of some of the world leading financial comparison experts including former MoneySupermarket managing director Stuart Glendinning, former Comparis chief marketing officer David Hatcher, and former uSwitch and Kelkoo program director Anthony Heath.
CompareAsiaGroup already works with over 60 market-leading brands like American Express, HSBC, Citibank, Standard Chartered, and MSIG.
CompareAsiaGroup sites are currently operating in Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Taiwan, Thailand, and Vietnam.