Alibaba Entrepreneurs Fund, SBI Group and H&Q Utrust, in addition to existing investors including Goldman Sachs Investment Partners VC and Growth Equity, Nova Founders Capital, ACE & Company and Route 66 Ventures have also participated.
A major portion of the funding will go into SingSaver, the finance comparison platform of CompareAsia. The company will use the capital to create awareness about its products, using online and offline marketing campaigns, and also to build curated digital content for consumer education. A portion of the funding will also be deployed to deepen technology to drive further integration with financial services partners and to continue to improve the user experience by making the process of finding, comparing, getting and managing banking and insurance products significantly easier.
Launched in May 2015, SingSaver.com.sg helps consumers find the right financial products, including credit cards, personal loans and insurance, with its self-serve comparison tools. Utilising data, Machine Learning and Artificial Intelligence, SingSaver.com.sg aims to eliminate misaligned incentives and inefficiency from the manual processes of matching consumers with the right financial products.
The firm works with leading brands including American Express, CIMB, Citibank, Credit Bureau Singapore, DBS, HSBC, OCBC and Standard Chartered Bank.
Its parent, CompareAsiaGroup, operates comparison sites in seven markets — Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Taiwan and Thailand — covering over half a billion people. The company claims 28 million users used its services last year.
In April last year, CompareAsiaGroup appointed Prashant Aggarwal as its Chief Commercial Officer.
Two years ago, CompareAsiaGroup raised US$40 million Series A funding, led by Goldman Sachs. Jardine Pacific, Nova Founders Capital, ACE & Company, and Route 66 Ventures, alongside renowned Silicon Valley veterans Peter Thiel, Mark Pincus, Owen Van Natta, and Tom Stafford of DST, also had participated in the round.