Experian Invests in CompareAsiaGroup
Experian , “the world leader in information services,” is leading the $20m 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 60m users across six markets including Hong Kong (MoneyHero.com.hk), Singapore (SingSaver.com.sg), Taiwan (Money101.com.tw) and Thailand (MoneyGuru.co.th).
The investment will enable CompareAsiaGroup to enhance the use of data-driven technologies, offering customers more personalized services with “new levels” of innovation, efficiency, and scalability. As part of the partnership, CompareAsiaGroup will benefit from utilizing Experian One, Experian’s cloud native platform, which will deliver access to Experian’s Digital On-boarding Platform, Decision Management and Eligibility Scoring services. The partnership will also enable a range of new Open Banking services in Hong Kong, and it will also be rolled out in other markets in accordance with local laws and regulations.
“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. 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.” – Ben Elliott, CEO, Experian, Asia Pacific.
“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. 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.” – Sam Allen, CEO, CompareAsiaGroup.