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CompareAsiaGroup raised US$20 million in B1 series funding

The Hong Kong-based financial marketplace CompareAsiaGroup raises over $20 million in its new funding led by the multinational consumer credit reporting company Experian PLC.

CompareAsiaGroup is Asia’s leading financial management platform helping people to empower their financial life. It helps people make better financial choices by providing comprehensive, independent online comparison and education of over 1,000 financial products.

On Tuesday, August 7, the company reported its Series B1 funding where they announced a US$20 funding led by the London-based consumer credit company Experian. The investment will enable CompareAsiaGroup access to Experian’s technology.

Founded in 2014, CompareAsiaGroup has now over 60 million users across Hong Kong, Malaysia, Philippines, Singapore, Taiwan and Thailand. Committed to building innovative, data-driven, personalized digital solutions to benefit the financial lives of its users and provide value to their partners, the investment will also serve as a partnership between CompareAsiaGroup and Experian to open more banking services and deliver deeper consumer solutions.

“We’re always on the lookout for like-minded partners who share the same values and mission in driving financial access and how we can complement each other’s offerings through various capabilities. For example, Jirnexu is well-established in Malaysia, while CompareAsiaGroup has an extensive regional reach, that spans Hong Kong and Singapore,” said Ben Elliott, CEO at Experian Asia Pacific.

According to Elliott, he sees the partnership in a “different and nuanced way”. The investment is Experian’s fifth investment in the Asia Pacific region.

“Obviously we benefit from that, but I think this really shows our commitment to Southeast Asia in particular, and also in this case Hong Kong and Taiwan,” Elliott commented. “My view is that over time we’ll see our capabilities and CompareAsiaGroup really improving the experience of customers while they are borrowing,” he added.

CompareAsiaGroup has now raised a total of $110 million in funding.