UPDATED 01:32 EDT / APRIL 22 2015

NEWS

Fintech startup CompareAsiaGroup raises $40 million Series A in a round led by Goldman Sachs

compareasiagroupFinancial comparison startup CompareAsiaGroup Ltd. has raised $40 million Series A in a round led by Goldman Sachs that included Jardine Pacific, ACE & Company, and Mark Pincus, the founder of Zynga.

Based in Hong Kong, the company offers financial and related services comparisons across eight sites in East Asian countries including Thailand, Taiwan, Philippines, Indonesia, Malaysia, Vietnam, Singapore and Hong Kong.

CompareAsiaGroup offers comparison services in banking and insurance products, as well as broadband and mobile plans, and in some countries health insurance comparisons as well.

The company claims to have over 60 partners, including American Express, HSBC, Citibank, Standard Chartered and MSIG, and offers 1530 products to over 600 million potential customers.

“This tremendous support and signal of confidence reinforces the belief in our mission to deliver transparency and choice to consumers while also giving partners an innovative new channel to reach the consumer,” Managing Director of CompareAsiaGroup Gerald Eder said in a statement.

“We give the power back to consumers by increasing financial education, market transparency and country-wide access to financial products.”

Fintech is a rapidly growing space in Asia, with over 120 startups said to be operating in the space, chasing a potential market in the billions (some put the figure at $52 billion by the end of the decade.)

Countries like Indonesia have a rapidly growing middle class that hasn’t been presented with services such as those provided by CompareAsiaGroup to any extent in the past. The fact the likes of Goldman Sachs wants in goes further in demonstrating that those in the know see the massive potential the region offers.

Including the new round CompareAsiaGroup has raised $46 million to-date. Its seed round of $6 million came from Nova Founders Capital, who also participated in the new round.

CompareAsiaGroup said it would use the new capital to further expand their offerings through increasing the number of partners it works with while continuing to grow the business.


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