Entrepreneur

SingSaver's Parent Company Raises US$20M, Set To Launch "Open Banking Services"

The parent company of financial comparison website SingSaver, CompareAsiaGroup, has just raised US$20 million in funding.

This brings their total funding to date to over US$110 million.

Previous investors include IFC, Goldman Sachs Investment Partners VC and Growth Equity, Jardines, and Alibaba Entrepreneurs Fund.

This round was led by information services company Experian, and also includes a partnership that gives CompareAsiaGroup access to the former’s technology.

Experian also recently invested in ride-hailing giant Grab, and stated that both deals “[serve] as clear commitments to the Asia-Pacific fintech industry”.

For one, Experian’s digital onboarding platform, decision management, and eligibility scoring services will be made available to CompareAsiaGroup, and this will “enable a range of new open banking services in Hong Kong”.

These services will eventually be rolled out to other markets “in accordance with local laws and regulations”.

CompareAsiaGroup CEO Sam Allen said: “We are passionate about delivering a unified customer journey, from product comparison to digital application, in order to help our customers make wiser financial decisions.”

Added Mr Ben Elliott, chief executive officer of Experian, Asia-Pacific: “The challenge of financial inclusion is not limited to emerging markets.”

“Across developed markets like Singapore and Hong Kong, many face unique obstacles when trying to access financial services or as they plan for their future financial needs.”

 

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