Thailand Based Fintech Startup, MoneyGuru Raises U$ S20 million In Stage BI Funding From Experian
MoneyGuru a personal finance startup platform launched in Thailand in 2014 and owned by parent company CompareAsiaGroup, received a US$ 20 million funding in its Series B1 funding round that was lead by Experian. This would be Experian’s fifth major investment in Asia Pacific since 2017 and it highlights a commitment to boosting financial health of consumers across the region. The funding would also help CompareAsiaGroup, to boost delivery of customer solutions to consumers in Thailand by leveraging Experian's technology.
Dev Dhiman,MD, Southeast Asia & Emerging Markets,Experian
Experian is one of the world's leading global information services company that empower consumers to manage their data with confidence, to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime. It employs 16,500 people operating across 39 countries. Experian Ventures, located in Silicon Valley, Singapore, London, and Brazil, invests globally in startups developing innovative consumer and business solutions for data creation, analytics and machine learning and information security. Experian is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 Index.
Launched in 2014 and headquartered in Hong Kong, CompareAsiaGroup is Asia's leading personal finance platform, reaching over 60 million users across six markets including Hong Kong (MoneyHero.com.hk), Malaysia (CompareHero.my), the Philippines (Moneymax.ph), Singapore (SingSaver.com.sg), Taiwan (Money101.com.tw) and Thailand (MoneyGuru.co.th). CompareAsiaGroup helps people make better financial choices. This is achieved through comprehensive, independent online comparison and education of over 1,000 financial products (including credit cards, personal loans, and insurance products). This is delivered through established relationships with more than 80 leading financial institutions across Asia Pacific. The Group has raised more than US$ 90 million in previous funding rounds from investors including Experian, IFC (World Bank), Goldman Sachs Investment Partners, Jardines and Alibaba Entrepreneurs Fund .
The new funding by Experian will enable CompareAsiaGroup to offer customers more personalised services with new levels of innovation, efficiency scalability and also access to 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.
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.
"Our investment 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 are overjoyed at the chance to partner with a like-minded industry leader, and look forward to driving a positive impact for consumers in Thailand with MoneyGuru."commented Dev Dhiman,MD, Southeast Asia & Emerging Markets, Experian in an interview with Thailand Fintech News.
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. 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 four and half hours on the Internet via mobile devices each day; more than any other country in the world.