Experian Leads US$20M First Close of Series B1 Investment in CompareAsiaGroup; Aims To Build Healthier Financial Lives for Thailand’s Consumers via MoneyGuru.co.th

Experian Leads US$20M First Close of Series B1 Investment in CompareAsiaGroup; Aims To Build Healthier Financial Lives for Thailand’s Consumers via MoneyGuru.co.th

Strategic partnership signing between Dev Dhiman, Managing Director, Southeast Asia & Emerging Markets, Experian (left) and Sam Allen, Chief Executive Officer, CompareAsiaGroup (right)

  • Experian’s fifth major investment in Asia Pacific since 2017 highlights commitment to boosting financial health of consumers across the region
  • The Series B1 investment round, led by Experian, aims to connect more CompareAsiaGroup customers with financial products best suited to their needs
  • Includes a strategic partnership with MoneyGuru.co.th, one of the leading personal finance comparison platforms in Thailand managed by CompareAsiaGroup, to boost delivery of customer solutions to consumers in Thailand by leveraging Experian’s technology
  • The Series B1 funding follows more than US$90 million previously invested in CompareAsiaGroup, from investors including IFC (World Bank), Goldman Sachs Investment Partners, Jardines and Alibaba Entrepreneurs Fund in supporting CompareAsiaGroup’s continued expansion

 

BANGKOK, 19 August 2019Experian, the world leader in information services, is leading the US$20 million first close of Series B1 investment in CompareAsiaGroup. It is one of Asia’s leading financial management platforms for banking and insurance products and services, and is the parent company of finance-comparison website MoneyGuru.co.th, one of the leading financial management platforms for banking and insurance products and services in Thailand.

 

Founded in 2014, CompareAsiaGroup currently reaches 60 million users across six markets including Thailand (MoneyGuru.co.th), Hong Kong (MoneyHero.com.hk), Singapore (SingSaver.com.sg), and Taiwan (Money101.com.tw). The announcement comes after CompareAsiaGroup’s substantial investment in digital resources, including the 2018 launch of the CompareAsiaGroup Technology and Research and Development Centre in Singapore, enabling the company to offer customers more personalised services with new levels of innovation, efficiency, and scalability.

 

Through this investment, and subsequent access to Experian’s technology, CompareAsiaGroup will intensify its focus on delivering enhanced customer solutions. CompareAsiaGroup companies will benefit from utilising Experian’s Digital Onboarding Platform, Decision Management and Eligibility Scoring services.

 

Southeast Asia is a high growth region for CompareAsiaGroup, being home to over 600 million people. According to KPMG, almost three-quarters of the population (73 per cent) do not have a bank account[1]. While the financial inclusion challenge is not as prevalent in its more mature economies, a significant proportion of consumers appear to lack comprehensive understanding of insurance, investment, retirement planning, and financial tools (e.g. credit cards).

 

While more than 80 per cent[2] of consumers in Thailand have access to financial services, World Bank data[3] indicates that only 20 per cent of consumers in Thailand have borrowed from a financial institution or have used a credit card. This suggests a possible lack of financial literacy among consumers that can potentially limit the full portfolio of financial products available to them. Through its personal finance platform in Thailand, MoneyGuru.co.th, CompareAsiaGroup works to empower consumers in Thailand to build healthier financial lives by providing services on the education and comparison of financial products such as credit cards, personal loans and insurance.

 

By leveraging Experian’s technology, MoneyGuru.co.th will be able to provide its users with end-to-end digital onboarding and fulfilment for select products. This will accelerate the delivery of innovative, scalable and integrated digital experiences, connecting users of MoneyGuru.co.th to the most suitable content and products according to their needs, life stage and risk profile, as well as enable SME banking opportunities.

 

Experian’s investment in CompareAsiaGroup is the latest in a series of Asia Pacific investments made by the company to promote greater consumer financial health in the region. This investment in CompareAsiaGroup follows Experian’s recent investment in Grab, with both serving as clear commitments to the Asia Pacific fintech industry.

 

Dev Dhiman, Managing Director, Southeast Asia & Emerging Markets, Experian said: “Our investment and partnership with CompareAsiaGroup and MoneyGuru.co.th is an affirmation of Experian’s commitment to drive better financial decisioning through the use of data, enabling consumers to make sound financial decisions. Data-driven insights will be increasingly relevant in Thailand’s digital-first future, especially as it embarks upon initiatives as part of its Thailand 4.0 vision. We’re thrilled at the opportunity to partner with a like-minded industry leader, and look forward to driving a positive impact for consumers in Thailand with MoneyGuru.co.th.”

 

Data forms a vital component of Thailand’s digital economy which is forecasted to be responsible for a quarter of the country’s GDP by 2027[4]. The growth of Thailand’s digital economy is collectively being driven by the popularity of e-commerce and the rapid rise of a digital population that spends about five hours on the Internet via mobile devices each day; more than any other country in the world[5].

 

Prashant Aggarwal, Chief Commercial Officer, CompareAsiaGroup said: “At CompareAsiaGroup, we’re passionate about helping consumers make better financial decisions. Thailand remains a top priority market for the Group and Experian’s technology will enable MoneyGuru.co.th to more efficiently connect consumers with optimal financial recommendations, allowing us to empower a market of about 69 million consumers in Thailand with the ability to build healthier financial lives. We’re confident that this partnership with Experian will drive our shared vision of improving financial literacy for consumers that will in turn drive long term economic progress across Thailand and Asia.”

 

CompareAsiaGroup has raised more than US$90 million in total funding from investors, including Goldman Sachs Investment Partners, Jardines, Alibaba Entrepreneurs Fund, and IFC (World Bank). Experian leads the latest Series B1 round of funding with US$20 million.

 

 

[1] Fintech: Opening the door to the unbanked and underbanked in Southeast Asia, KPMG, 2016

[2] The Little Data Book on Financial Inclusion 2018, The World Bank, 2018

[3] The Little Data Book on Financial Inclusion 2018, The World Bank, 2018

[4] Thailand's Digital Economy, Thailand Board of Investment

[5] e-Conomy SEA 2018: Southeast Asia's internet economy hits an inflection point, Google, 2018

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Experian

By Experian 08/19/2019

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