Singapore-based financial comparison platform CompareAsiaGroup secured $20m on Tuesday in a series B1 round led by consumer credit reporting company Experian.
Founded in 2014, CompareAsiaGroup operates an online marketplace with more than 60 million users that that allows them to compare bank accounts, personal loans, credit cards, insurance policies and other financial products.
The company will use the capital to bolster its data-driven technologies. It will also gain access to Experian products such as its cloud-based credit scoring and risk assessment offering.
International Finance Corporation, the private investment arm of the World Bank, led a $50m series B round for the company in 2017 that included e-commerce firm Alibaba, financial services provider SBI Group, H&Q Utrust, Nova Founders Capital, Ace & Company, Route 66 Ventures and Goldman Sachs Investment Partners, part of investment bank Goldman Sachs.
CompareAsiaGroup secured $40m in a 2015 series A round led by Goldman Sachs Investment Partners and backed by conglomerate Jardine Pacific, Nova Founders Capital, Ace & Company, Route 66 Ventures and several angel investors. It had previously raised about $5m in seed funding according to TechCrunch.