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'Halomoney.co.id' announces new CompareAsiaGroup investors
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Logo of CompareAsiaGroup (Courtesy of/route66ventures.com)
H
em>HaloMoney.co.id, the Indonesian branch of the CompareGroupAsia financial marketplace and member of the Indonesian Fintech Association, has announced the entry of new investors through CompareGroupAsia's series B funding.
The second round of financing was led by US$15 million from International Finance Corporation (IFC), a World Bank subsidiary engaged in strategic financing, along with a combined total of $50 million from AliBaba, SBI Group and H & Q Utrust.
The group garnered financing worth $40 million in April 2015 from series A investors including Goldman Sachs, Nova Founder Capitals, Stem Financial, ACE & Company, and Route 66 Ventures, who all participated in the second round.
CompareAsiaGroup, a Hong Kong-based business group, manages online financial marketplaces in seven Asian countries: Indonesia (HaloMoney.co.id), Malaysia (CompareHero.my), Thailand (MoneyGuru.co.th), Singapore (SingSaver.com.sg), the Philippines (MoneyMax.ph), Taiwan (Money101.com.tw) and Hong Kong (MoneyHero.com.hk).
The group conducted the the series B to empower consumers and the improve their financial health through matching each consumer with products that best fit their needs and risk profile.
A statement says that with the series B funding, CompareAsiaGroup will expand its business in three ways: first, increase consumer reach; second, investing in developing technology that can provide solutions in accordance consumers' financial needs; and third, for HaloMoney.co.id to continue to build the best team in Asia, including in Indonesia.
"We will build a world-class team within the CompareAsiaGroup, and expand access to provide information services for consumers"≤ said Halomoney.co.id managing director Riko Depari in a written statement on Tuesday. (bbn)
