iMoney raises $4 million, aims to hit five million visitors per month by next year

Not more than a year ago, online personal finance platform iMoney’s co-founder and group CEO Lee Ching Wei told Tech in Asia that he was aiming to hit at least 100,000 unique visitors in the latter half of 2013. They have more than crushed that goal now, with over 1.5 million unique visitors a month arriving at their site and growing. Today the startup announced it has raised MYR 13 million (US$4 million) in a new funding round.

The funding comes from Australia-based iSelect, whom Ching describes as Australia’s leading online comparison service. iSelect will be taking a 20 percent stake, which values iMoney at $20 million.

iMoney raised two rounds of funding last year – a seed round of US$500,000 in June, followed quickly by a US$2 million series A round in October. This additional round of funding will bring their total to $6.5 million, and will primarily be used for expanding their web presence and hence brokering more deals with financial institutions, particularly in Singapore, Indonesia, and the Philippines. Their next goal: to roughly triple web traffic to five million unique visitors a month by the end of next year.

“Beyond continued organic growth, we are also evaluating a number of acquisition opportunities in the Southeast Asian region with a view to growing even faster,” reveals Ching.

See: Stumped on how to manage your finances? This startup gives you a financial plan for free