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.”
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