The company claims its recommendation system is more efficient and transparent than brokerages and other traditional financial service providers because users are able to compare different products before deciding which, if any, to sign up for.Ĭredit card penetration rates are still very low in several of CompareAsiaGroup’s main markets (for example, in Indonesia it is less than 10 percent), so risk profiles are assessed with data from different sources, in addition to credit bureaus, in each country.ĬompareAsiaGroup currently works with about 100 brands and financial institutions, including American Express, HSBC, Standard Chartered and Citibank. Its marketplaces use machine learning and artificial intelligence to match consumers with several products based on their needs and risk profiles. “That is aligned with IFC and what they are planning to do, which is build financial literacy and financial inclusion.”ĬompareAsiaGroup, which launched in 2014, will use its new funding to improve user experience across its sites and grow its team. “There are more than 600 million people across those markets and what we are passionate about is helping customers build healthier financial lives,” CEO Sam Allen tells TechCrunch. In several of these markets, credit cards and online financial services are only just starting to see traction, which makes IFC and CompareAsiaGroup important strategic partners for one another. The company’s marketplaces, which operate under different names in Hong Kong (), Indonesia (.id), Malaysia (CompareHero.my), the Philippines (MoneyMax.ph), Singapore (), Taiwan () and Thailand (.th), allow users to search for credit cards, bank loans and insurance plans based on their needs and risk profiles.
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Returning investors like Goldman Sachs Investment Partners, which led CompareAsiaGroup’s $40 million Series A in 2015, Nova Founders Capital, ACE & Company and Route 66 Ventures, also participated.ĬompareAsiaGroup claims that more than 28 million people used its sites last year, making it the largest personal financial management platform in Asia. The round was led by the International Finance Corporation (IFC), a member of the World Bank Group, and includes capital from new investors Alibaba, SBI Group and H&Q Utrust. CompareAsiaGroup, which runs online financial marketplaces in seven Asian countries, has closed a $50 million Series B.
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