CompareAsiaGroup, a financial management platform for banking and insurance products and services in Southeast Asia, has secured US$20 million in Series B1 investment, led by global information services company Experian.

The investment will enable the Hong Kong-based company to enhance the use of data-driven technologies, offering customers more personalised services.

The partnership with Experian aims at boosting the adoption of digital financial services in the region. As a result, CompareAsiaGroup will benefit from utilising cloud native platform Experian One. This will deliver access to Experian’s digital on-boarding platform, decision management and eligibility scoring services.

The partnership will also enable a range of new open banking services in Hong Kong, a high-priority market for both companies. This will also be rolled out in other markets in accordance with local laws and regulations.

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The announcement comes after the group’s substantial investment in digital resources, including the launch of the CompareAsiaGroup Technology and R&D centre in Singapore in 2018, which was supported by the Singapore Economic Development Board.

Launched in 2014, CompareAsiaGroup helps people make better financial choices through an independent online comparison and education of over 150 financial products (including credit cards, personal loans, and insurance products). The group claims it reaches over 60 million users across six markets, including Hong Kong (MoneyHero.com.hk), Malaysia (CompareHero.my), the Philippines (Moneymax.ph), Singapore (SingSaver.com.sg), Taiwan (Money101.com.tw) and Thailand (MoneyGuru.co.th).

So far, the group has raised more than US$110 million from investors, including IFC (lead investor in 2017), Goldman Sachs Investment Partners VC (which led a round in 2015) and Growth Equity, ACE & Company, Jardines, Alibaba Entrepreneurs Fund, SBI Group, H&Q Utrust, Stem Financial, and Route 66 Ventures.

Ben Elliott, CEO, Experian, Asia Pacific, said: “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.”

Experian is a global information services company which helps individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime. It has 16,500 people operating across 39 countries. Experian Ventures, located in Silicon Valley, Singapore, London, and Brazil, invests globally in startups developing innovative consumer and business solutions for data creation, analytics and machine learning and information security.

Last month, Experian made an undisclosed investment in Grab.