China-based financial comparison platform CompareAsiaGroup has completed a $50m series B round featuring e-commerce firm Alibaba and financial services provider SBI Group, TechCrunch reported yesterday.
The round was led by International Finance Corporation, the private investment arm of the World Bank, and included Goldman Sachs Investment Partners, a subsidiary of investment bank Goldman Sachs, H&Q Utrust, Nova Founders Capital, Ace & Company and Route 66 Ventures.
CompareAsiaGroup operates an online marketplace that compares financial, telecom and insurance plans, using artificial intelligence and machine learning to find the right products for each user.
The company operates across Indonesia, Thailand, Malaysia, Singapore, the Philippines, Taiwan and Hong Kong, where it is headquartered, and the funding will go to increasing its headcount as it looks to enhance user experience.
Goldman Sachs Investment Partners had led the company’s $40m series A round in 2015 with participation from Nova Founders Capital, Ace & Company, Route 66 Ventures, conglomerate Jardine Pacific and angel investors including Mark Pincus and Owen Van Natta.
CompareAsiaGroup had previously raised about $5m in seed funding, according to TechCrunch.