Strategic partnership signing between Ben Elliott, Chief Executive Officer, Experian Asia Pacific (left) and Sam Allen, Chief Executive Officer, CompareAsiaGroup (right)
- Experian’s fifth major investment in Asia Pacific since 2017 highlights commitment to boosting financial health of consumers across the region
- Series B1 investment round, led by Experian, aims to connect more CompareAsiaGroup customers with financial products best suited to their needs
- Strategic partnership accelerates CompareAsiaGroup’s delivery of customer solutions by leveraging Experian’s technology, further enhancing its standing as one of Asia’s leading personal finance platforms
- The Series B1 funding follows more than US$90 million previously invested in CompareAsiaGroup, 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 in supporting CompareAsiaGroup’s continued expansion
SINGAPORE, 06 August 2019 – 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 account1. In addition, while the financial inclusion challenge is not as prevalent in more mature economies, consumers in markets such as Singapore2 and Hong Kong3 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.
. Financial Inclusion in Asia Pacific, International Monetary Fund, 8 October 2018
. The Financial Planning Attitudes Survey, MoneySense Council, 2017