CompareAsiaGroup is a leading personal finance management platform that helps people across Asia save money. Earlier this week, the company announced that it has raised $50 million in an effort led by the International Finance Corporation (IFC) with the addition of capital from new investors including Alibaba, SBI Group, and H&Q Utrust. Returning investors, Goldman Sachs Investment Partners, Nova Founders Capital, ACE & Company and Route 66 Ventures also played an important role in the fundraiser.
The company asserted its dominance in Asia’s financial market with CompareAsiaGroup claiming more than 28 million users on its sites last year, making them one of the largest financial management groups in Asia and one of the largest in the world. The company allows consumers to “search for credit cards, bank loans and insurance plans based on their needs and risk profiles. Regarding newer online financial services and credit cards, these areas of focus are just recently entering the spotlight of attention, which explains the mutualistic relationship between the IFC and CompareAsiaGroup.”
In a recent interview with TechCrunch, CEO Sam Allen states the following about the success of CompareAsiaGroup and its mission statement:
“There are more than 600 million people across those markets and what we are passionate about is helping customers build healthier financial lives. That is aligned with IFC and what they are planning to do, which is build financial literacy and financial inclusion… The absolute foundation is that we are impartial and objective and will always act in the best interests of consumers. We’ll always be free to use for consumers and so that’s a very clear line that filters through every part of our organization.”
With CompareAsiaGroup’s recent success and their seemingly ever-growing group of investors, the future is bright for the financial management company. With their fresh perspective, they’ve shown great potential for their future in the upcoming years.
Mohammad Sultani for TechFunnel.com