300 Ideas. 12 Cities. 1 Stage. APPLY your startup for Echelon 2014 TODAY!Organizing an event? Share it with Asia's tech community on e27!Change the world! Over 200 tech industry jobs in Asia and growing
News  5, Jun 2013

iMoney receives US$500K funding from Asia Venture Group

By

fundingiMoney Group just announced receiving US$500,000 in funding from Asia Venture Group to extend its reach in Southeast Asia and dominate Malaysia.

iMoney Group, a Malaysia-based startup, just announced yesterday that it has received US$500,000 in funding from Asia Venture Group (AVG) to extend its reach in Southeast Asia and boost its position locally. The financial comparison site enables users to differentiate products like mortgage, personal loans and credit cards, and said it is aiming to generate more than US$1 billion in potential businesses across the region in this year alone.

Founded in 2012, co-founder and CEO Ching Wei Lee said that the company was started to solve a personal pain. “There wasn’t a public portal where consumers could easily go to compare interest rates and apply for loans and financial products online. [...] We started off with a team of three, sharing a collective vision to simplify financial matters for consumers.” Operating from its headquarters in Kuala Lumpur, the capital of Malaysia, iMoney has also created a library of financial related content aimed at educating the masses about applying for financial products.

Founder of AVG, German entrepreneur Tim Marbach added that iMoney will change how consumers and financial institutions interact in Southeast Asia. “The fast growing middle class in the region is longing for access to financial products and at the same time financial institutions are under pressure to grow their market share in a tough trading environment. iMoney brings them together more efficiently than ever before by disrupting their interaction using internet technology. This is a huge opportunity.”

Read also: Raising money all the way to IPO. Possible?

Elaine Huang

Elaine Huang

Elaine is a fervent believer that if there ever is a zombie apocalypse, we will all be snapping away at them with our phones and posting them onto Instagram. A Mass Communication graduate of Ngee Ann Polytechnic's School of Film and Media Studies, she enjoys writing about technology and entrepreneurs. When not hashtagging her way through all sorts of trouble, Elaine is probably contemplating how to write in the third person.

Work for a Startup

Marketing Manager, APAC
Evernote Singapore
Lecturer / Tutor – Interactive Design
KDU University College
Operations – Visiting Associate
Alpha Founders
Marketing Intern
TradeGecko
Savvee Android Developer
MMPS Technologies Pte Ltd