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SINGAPORE, Aug. 6 2019 /PRNewswire/ -- Experian, the world leader in information services, is leading the US$20 million first close of Series B1 investment in CompareAsiaGroup, one of Asia's leading financial management platforms for banking and insurance products and services.
Founded in 2014, CompareAsiaGroup currently reaches 60 million users across six markets including Hong Kong (MoneyHero.com.hk), Singapore (SingSaver.com.sg), Taiwan (Money101.com.tw) and Thailand (MoneyGuru.co.th).
Through this investment, and subsequent access to Experian's technology, CompareAsiaGroup will intensify its focus on delivering enhanced customer solutions. The announcement comes after CompareAsiaGroup's substantial 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 investment will enable CompareAsiaGroup to enhance the use of data-driven technologies, offering customers more personalised services with new levels of innovation, efficiency, and scalability.
In Asia Pacific, 47 percent of the adult population in low and middle-income countries do not have access to a bank account.[1] In addition, while the financial inclusion challenge is not as prevalent in more mature economies, consumers in markets such as Singapore[2] and Hong Kong[3] often lack comprehensive understanding of insurance, investment, retirement planning and tools (e.g. credit cards). Experian and CompareAsiaGroup will empower consumers to access the relevant financial products and services they need, while improving consumers' financial knowledge.
Experian's investment in CompareAsiaGroup is the latest in a series of Asia Pacific investments made by the company to promote greater consumer financial health in the region. The investment in CompareAsiaGroup follows Experian's recent investment in Grab, with both serving as clear commitments to the Asia Pacific fintech industry.
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."
Elliott added, "Five major investments in Asia Pacific, within the past 18 months, show our commitment to powering the region's credit economy. We will continue to work on strengthening the financial profile of Asia Pacific consumers. This is a significant undertaking that requires careful attention to consumers' overall financial literacy and access to financial services. We are glad to move further forward in this journey with CompareAsiaGroup, a trusted partner and proven industry leader."
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. This partnership further strengthens our ability to empower people to build healthier financial lives, a shared mission for both CompareAsiaGroup and Experian."
Allen concluded, "Together with Experian, we are excited to progress on a clear course towards a data-driven future where all individuals can easily access resources to improve their financial standing. 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."
The partnership aims at boosting the adoption of digital financial services in the region. As a result of the partnership, CompareAsiaGroup will benefit from utilising Experian One, Experian's cloud native platform. This will deliver access to 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. This will also be rolled out in other markets in accordance with local laws and regulations.
CompareAsiaGroup has raised more than US$90 million in total funding from investors, including IFC, a member of the World Bank Group, Goldman Sachs Investment Partners VC and Growth Equity, ACE & Company, Jardines, Alibaba Entrepreneurs Fund, SBI Group and H&Q Utrust. Experian leads the latest US$20 million first close of Series B1 round of funding.
About Experian
Experian is the world's leading global information services company. During life's big moments — from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime. We have 16,500 people operating across 39 countries and every day we're investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. Experian Ventures, located in Silicon Valley, Singapore, London, and Brazil, invests globally in startups developing innovative consumer and business solutions for data creation, analytics and machine learning and information security. Experian is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 Index.
Learn more at http://www.experian.com.sg/ or visit our global content hub at our global news blog for the latest news and insights from the Group.
About CompareAsiaGroup
Launched in 2014 and headquartered in Hong Kong, CompareAsiaGroup is Asia's leading personal finance platform, reaching over 60 million users across six markets including Hong Kong (MoneyHero.com.hk), Malaysia (CompareHero.my), the Philippines (Moneymax.ph), Singapore (SingSaver.com.sg), Taiwan (Money101.com.tw) and Thailand (MoneyGuru.co.th). CompareAsiaGroup helps people make better financial choices. We achieve this through comprehensive, independent online comparison and education of over 150 financial products (including credit cards, personal loans, and insurance products). This is delivered through established relationships with more than 70 leading financial institutions across Asia Pacific. CompareAsiaGroup's 250 professionals are committed to delivering on the Group's mission to empower people to build healthier financial lives. The Group has raised more than US$110 million from investors including Experian, IFC, a member of the World Bank Group, Goldman Sachs Investment Partners VC and Growth Equity, ACE & Company, Jardines, Alibaba Entrepreneurs Fund, SBI Group, H&Q Utrust, Stem Financial, and Route 66 Ventures.
Learn more about how CompareAsiaGroup empowers people across Asia to build healthier financial lives at http://www.compareasiagroup.com/.
Media queries:
For Experian
Experian Asia Pacific
Grace Chua
APAC Communications Lead
+65 8218 8488
Grace.chua@experian.com
Ying Communications, a Finn Partners Company
Subeer Dutt
+65 3157 5603
ExperianAPAC@finnpartners.com
For CompareAsiaGroup
CompareAsiaGroup
Susie Vazquez
Group Head of Marketing
+852 9864-3620
susan.vazquez@compareasiagroup.com
Ruder Finn
Charles Lankester
Executive Vice President, Global Head of Reputation Management
+852 2201-6468
lankesterc@ruderfinnasia.com
[1] Financial Inclusion in Asia Pacific, International Monetary Fund, 8 October 2018 |
[2] The Financial Planning Attitudes Survey, MoneySense Council, 2017 |
[3] Hong Kong Credit Score Report, CSG for CompareAsiaGroup, 2018 |
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