CompareAsiaGroup, that runs website that assists its customers in finding the right financial services, has recently raised $40 million funding in a series A led by the Goldman Sachs Investment Partners team.
The company has other investors that consists of Nova Founders Capital, a venture firm that is also one of CompareAsiaGroup’s founders, Jardine Pacific Ace & Company, Route 66 Ventures, Zynga-founder MArk Pincus and Owen Van Natta, who has held senior positions at Facebook and MySpace. Until date, the company has raised a total of $45 million including the past funding.
Currently, the CompareAsiaGroup functions in eight Asian countries that includes Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Taiwan, Thailand and Vietnam. The startup allows the consumers compare credit cards, loans, insurance and other financial products at no-charge.
It generates revenue by collaborating with some companies like HSBC, Citibank and Standard Chartered and charges them if the user signs up the services of the particular bank through the website. Gerald Eder, the co-founder and managing director of CompareAsiaGroup says the company works to give its users a whole picture by presenting all the banks and its services at one stop and help them choose one that fits their requirements.
CompareAsiaGroup also helps financial institutions by increasing their customer base without having to set up new branches or hiring more sales agents or paying for radio and television commercials or other marketing methods.
Founder Eder who has knowledge and experience in financial sector and previously worked in Rocket Internet marketplace Lazada.com in Malaysia, says his interest turned towards financial comparison after knowing there are no sites like the UK’s MoneySuperMarket in the Southeast Asia.
The company plans to add more categories, improve its platform’s technology and broaden its current market before stepping into other countries through the recently gained funding. Eder says, “Right now we are staying fully focused on the markets we are active in, but there are a lot of opportunities across Asia and the funding will allow us to use our flexible IT infrastructure to go into new markets in the future.”