CompareAsia Group receives US$3mil funding

  • Already present with local management teams in six Asian countries
  • From KL-based incubator Nova Founders which says it has built 30 companies
CompareAsia Group receives US$3mil fundingFINANCIAL comparison website company CompareAsia Group has secured over US$3 million in funding from Stem Capital Partners and “other International investors,” it said in a statement.
 
CompareAsia Group is powered by Nova Founders, the Kuala Lumpur-based tech incubator which claims to have so far built more than 30 successful Internet businesses globally, and which is led by a team of entrepreneurs who have previously worked with the likes of Groupon, Rocket Internet, Goldman Sachs and Morgan Stanley.

This round of funding follows an initial round of seed funding the company received in July of last year. The company declined to share the investment figure from the previous round, and stated its investors had requested for confidentiality.
 
“We are very happy to bring the financial product comparison model to so many markets in Asia,” said CompareAsia Group managing director Gerald Eder(pic).
 
“We have seen fantastic traction since the start and a very encouraging response from consumers as well as our banking and insurance partners. We are well-positioned to win the financial comparison space in Asia,” he added.
 
In Malaysia itself, the company is competing against two other locally-founded financial comparison websites, Loanstreet and iMoney.
 
However, with a presence in six countries and a local management team on the ground in Malaysia, Hong Kong, Thailand, Indonesia, Philippines and Taiwan, CompareAsia Group claims it has already helped tens of thousands of registered users save time and money in finding the right financial product such as loans, credit cards, insurance and even broadband plans.
 
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