Personal finance website MoneyMax.ph said it had secured $50 million in funding that would help solidify its position as the Philippines’ leading platform for personal finance products and services including credit cards, loans and insurance.
In a statement released on Tuesday, MoneyMax.ph said it had completed its “Series B” fundraising round among “high-profile” investors, which included the International Finance Corp. (IFC), the World Bank’s arm for private sector investments.
Other new investors were Alibaba Entrepreneurs Fund, SBI Group and H&Q Utrust. MoneyMax.ph also raised funds from existing investors Goldman Sachs Investment Partners VC and Growth Equity, Nova Founders Capital, ACE & Co. and Route 66 Ventures.
“At IFC, reaching the unbanked and under-banked is a priority and we believe the best way to do this is through technology,” said Vivek Pathak, IFC regional director for East Asia and the Pacific.
“MoneyMax.ph leverages technology to increase pricing transparency for financial products and improve financial literacy. Our support for innovative fintech companies like MoneyMax.ph encourages disruptive technologies and new business models that create markets for other private sector players to engage,” Pathak added.
MoneyMax.ph said the fresh funding would be used to continue the improvement of its site’s user experience, by making the process of finding, comparing, getting and managing banking and insurance products significantly easier.
It will also further develop its proprietary technology and hire more talents.
“We look forward to helping more Filipinos as we continue to deliver on our mission of empowering consumers to make better financial decisions. The Philippines has tremendous growth opportunities and this fantastic support from both new and existing investors will help us make a positive difference in the lives of more consumers,” said Moritz Gastl, managing director of MoneyMax.ph.
The website promotes financial literacy and allows consumers to quickly look for products and services that best match their needs.
MoneyMax.ph said the Philippines still lags behind its regional peers when it comes to access to and use of financial services, noting that only about 20 percent of the population have access to credit from formal institutions.
Moreover, total card penetration is less than 12 percent and the 1.8-percent insurance penetration is the lowest in the region.
Knowledge about cards and loans is extremely low and majority of consumers still prefer cash payments, despite the rapid growth of e-commerce, it pointed out.