Experian is leading the $20 million first close of Series B1 investment in CompareAsiaGroup, making this its fifth major investment in Asia Pacific since 2017,
This comes after the online comparisons platform made a substantial investment into its digital resources, including last year’s launch of an R&D centre focused on technology in Singapore. Through investment and consequent access to Experian’s technology, CompareAsiaGroup is hoping to tackle the issue of financial inclusion in areas such as Singapore and Hong Kong where consumers lack understanding of insurance, investment and retirement planning.
“We will continue to work on strengthening the financial profile of Asia Pacific consumers,” says Experian CEO for the Asia Pacific region, Ben Elliott. “This is a significant undertaking that requires careful attention to consumers’ overall financial literacy and access to financial services.”
Findings by International Monetary Fund found 47% of the adult population in Asia Pacific from low and middle-income countries do not have access to a bank account. APAC banks are now looking to invest in technology which makes it easier to open an account, simplify transactions and deliver cheaper access for remote customers, according to EY’s 2019 Banking in Asia-Pacific report.
“Together with Experian, we are excited to progress on a clear course towards a data-driven future where all individuals can easily access resources to improve their financial standing,” says CompareAsiaGroup CEO, Sam Allen. “We look forward to connecting more customers with the right products, especially consumer loans and cards.”
As a result of the partnership, CompareAsiaGroup will benefit from Experian One, Experian’s cloud native platform, as well as open banking services in Hong Kong: a high-priority market for both companies.
CompareAsiaGroup has now raised more than US$90 million in total funding from investors.