CompareAsia bags $20m in Experian-led series B1 round

Personal finance platform CompareAsiaGroup has raised US$20 million in a series B1 funding round led by information services provider Experian.

Photo credit: Artem Bali

“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,” said Ben Elliott, CEO of Experian Asia Pacific. “Five major investments in Asia Pacific, within the past 18 months, show our commitment to powering the region’s credit economy.”

Experian’s deal with CompareAsia is the latest in its series of Asia-Pacific investments, following its recent investment in Grab, according to a statement.

With the funding, CompareAsia will gain access to Experian’s cloud native platform and focus more on delivering improved customer solutions.

The two companies said that the deal would enable CompareAsia to enhance the use of data-driven technologies, offering customers more personalized services with new levels of innovation, efficiency, and scalability.

CompareAsia’s made substantial investments in digital resources, including the 2018 launch of the CompareAsiaGroup Technology and Research and Development Center in Singapore, supported by the Singapore Economic Development Board.

The company, founded in 2014, currently reaches 60 million users across six markets, including Hong Kong, Singapore, Taiwan, and Thailand.