CompareAsiaGroup, parent company of finance-comparison website SingSaver, has secured US$50 million in series B funding. This was in a bid to accelerate its expansion in the region.
In a statement to Marketing, CompareAsiaGroup's spokesperson said the funds will be used for online and offline marketing campaigns, as well as curated digital content for consumer education. Additionally, the company is focused on growing all seven countries that it operates in, including Singapore, Malaysia, Indonesia and Hong Kong.
The company is also currently looking to hire for "a number of senior roles" around the region, recruit more individuals for its marketing team, as well as grow the teams at SingSaver.com.sg and its other Southeast Asian sites. CompareAsiaGroup works with over 100 renowned brands including American Express, HSBC, Citibank, Standard Chartered and DBS.
According to the spokesperson, Singapore remains a top priority CompareAsiaGroup as it is one of the company's fastest-growing markets. It invests "substantially" into Singapore for research and development as its local customers and partners are at the "cutting edge" of digital adoption around personal finance. CompareAsiaGroup seeks to gather learning points from the Singapore landscape that can be rolled out to other markets.
It also sees opportunities in Indonesia, Thailand and the Philippines, such as improving the financial literacy and transparency around personal finance. With IFC on board, it will be able to focus on those opportunities, the spokesperson said.
According to the press statement, the funds will also be used to improve the user experience by making the process of finding, selecting and obtaining, as well as managing banking and insurance products easier. Meanwhile, the company will also further develop its proprietary technology and continue to expand its team.
“We are excited to continue to deliver on our mission of empowering consumers across Asia to live healthier financial lives. We are passionate about providing personalised solutions as we connect consumers with the best banking and insurance products for their needs. We are thrilled to have the strong strategic support from our new and existing investors,” said Sam Allen, CEO of CompareAsiaGroup.
“It has been incredible to see how well our customers and partners have received us in each market. This proves there is a clear demand for transparency and simpler processes around personal finance in Asia. I look forward to working with new and existing investors, our high-quality management team, and our customers as we continue to roll out ambitious plans for growth,” Mads Faurholt-Jorgensen, founder and chairman of CompareAsiaGroup, said.