CompareAsiaGroup raises US$50 million in funding

SingSaver.com.sg allows consumers to compare, select and apply for financial products on its platform.
SingSaver.com.sg allows consumers to compare, select and apply for financial products on its platform. PHOTO: SCREENGRAB OF SINGSAVER.COM.SG

SINGAPORE - CompareAsiaGroup, which runs online financial marketplaces in seven Asian countries, has raised US$50 million (S$69 million) in a funding round led by IFC, a member of the World Bank Group.

The round also included new investors Alibaba Entrepreneurs Fund, SBI Group and SBI Group and H&Q Utrust, as well as existing investors Goldman Sachs Investment Partners VC and Growth Equity, Nova Founders Capital, ACE & Company and Route 66 Ventures.

The company's marketplaces operate under different names in different countries. In Singapore, the company runs SingSaver.com.sg, which allows consumers to compare, select and apply for financial products.

Its uses data, machine learning, and artificial intelligence to help consumers find products that match their needs.

The fresh funds will be used for online and offline marketing campaigns and curated digital content for consumer education.

The capital injection will also go towards further integration with financial services partners and improving the user experience.