iSelect acquires controlling stake in iMoney
By Digital News Asia October 3, 2017
- ASX-listed company is now the majority and single largest shareholder
- Will bolster iMoney senior management, integrate its technologies into the business
ISELECT, the ASX listed comparison company, announced today that it has increased its shareholding in Intelligent Money Sdn Bhd (iMoney) positioning iSelect as the majority and single largest shareholder in iMoney.
iSelect initially invested in iMoney in 2014 and has continued to provide financial, operational and technical support since its initial investment, helping the company achieve average annual revenue growth of 80% over the past three years and establish a sustainable and scalable customer acquisition and conversion platform for future growth.
iMoney co-founder and chief executive officer, Lee Ching Wei (pic) who is also a DNA Digerati50 commented, “We are extremely delighted that iSelect is increasing its interest and commitment in iMoney. iMoney is entering a particularly exciting growth stage across all its markets and with the addition of iSelect’s systems, technology and wider group resources, we are confident our growth trajectory can be further accelerated as we continue to provide a world-class service to our consumers and providers. The increased financial and operational commitment by iSelect is a testament to the success of the business to date driven by the hard work of the employees of iMoney and the support of our shareholders.”
Commenting on the increased investment in iMoney, iSelect managing director & chief executive officer Scott Wilson said, “The countries that iMoney currently operates in are located in the world’s fastest-growing region, and feature a rapidly expanding credit and technology-savvy middle class. They have GDP growth rates averaging around 4% and up to 6.5% per annum, with accelerating internet penetration rates.”
“iMoney was recently named in the top 10 fastest growing fintech businesses in Malaysia by IDC Financial Insights 2017 Fintech report. The iMoney team led by co-founder and CEO Lee Ching Wei have built an excellent business across the South East Asian region and iMoney is now set to reach scale and ubiquity as the leading destination for financial services comparison.”
In addition to the increased investment, iSelect will work with iMoney Group’s leadership team to bolster its senior management team as well as accelerate the introduction of iSelect’s proprietary operational know-how and technology platform into the business.
“iMoney is at an exciting inflection point, with the ability to generate a substantial number of leads” Wilson continued. “It operates several product verticals that compliment iSelect’s own business model including financial services, personal loans, credit cards, insurance and broadband. Incorporating iSelect’s proprietary iConnect contact centre conversion technologies and know-how, and increasing iMoney’s marketing efforts, present significant opportunities to substantially lift lead monetisation and increase conversion rates.”
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