MoneyHero.com.hk secures access to US$50 (HK$380) million funding led by IFC, a member of the World Bank Group, as part of CompareAsiaGroup Series B
PRESS RELEASE
11 July 2017
Hong Kong's leading financial management platform raises Series B from IFC, Alibaba Entrepreneurs Fund, SBI Group, H&Q Utrust, Goldman Sachs Investment Partners, Nova Founders Capital, ACE & Company and others to accelerate expansion HONG KONG, July 11, 2017 - MoneyHero.com.hk solidifies its position as Hong Kong's leading personal finance management platform and prepares for next stage of growth with new investment of US$50 million in Series B funding into MoneyHero.com.hk and CompareAsiaGroup. Led by IFC, a member of the World Bank Group, the round also included new investors Alibaba Entrepreneurs Fund, SBI Group and H&Q Utrust, as well as existing investors Goldman Sachs Investment Partners VC and Growth Equity, Nova Founders Capital, ACE & Company and Route 66 Ventures.
Since its founding in 2013, MoneyHero.com.hk has helped connect millions of Hong Kong consumers with financial products that fit their needs. Through a combination of promoting financial literacy and developing innovative financial technologies, MoneyHero.com.hk allows consumers to compare, select and apply for financial products seamlessly on its platform. MoneyHero.com.hk has developed deep relationships with the largest local and regional banks and insurers, leading to innovative solutions that benefit both consumers and providers, such as instant eligibility checks and exclusive promotional offerings including additional airmiles and cash rebates negotiated on behalf of its customers. Utilising data, machine learning, and artificial intelligence, MoneyHero.com.hk eliminates misaligned incentives and inefficiency from the manual processes of matching consumers with the right financial products.
In its short time of operation, MoneyHero.com.hk has helped Hong Kong consumers embrace online comparison and selection of financial products. Through its unbiased comparison services, MoneyHero.com.hk enhances market transparency on its platform which is 100% free to consumers. "We've accomplished a lot already, but still have much more ahead of us with many exciting new developments on the horizon," said Alister Musgrave, Founder and Managing Director of MoneyHero.com.hk. "This investment marks a turning point regarding how consumers in Hong Kong will acquire and manage their financial products and sets the scene for a vastly improved personal finance space in Hong Kong."
"We are excited to continue to deliver on our mission of empowering consumers across Asia to live healthier financial lives. We are passionate about providing personalised solutions as we connect consumers with the best banking and insurance products for them," said Rachel Lam, Managing Director, MoneyHero.com.hk. "This latest achievement for MoneyHero.com.hk and CompareAsiaGroup illustrates the benefits of choosing Hong Kong as the regional headquarters for expansion across Asia. Global investors see the massive potential and fast growing demand for digital finance in Hong Kong. This significant investment represents a genuine endorsement of Hong Kong's vibrant fintech community," said Charles D'HAUSSY, Head of Fintech at InvestHK.
The funding will be used to continue to improve the user experience by making the process of finding, comparing, getting and managing banking and insurance products significantly easier. As part of this, MoneyHero.com.hk will further develop its proprietary technology and continue to expand its team with exceptional talent to support its ambitious growth plans.
MoneyHero.com.hk has experienced rapid growth and helps more than 1 million consumers per month by providing expert information on personal finance and leveraging sophisticated technologies to make it easy for consumers to identify and seamlessly get the best products. MoneyHero.com.hk works with all market-leading brands including Standard Chartered, HSBC, Citibank, Bank of China, American Express, DBS, Bank of East Asia, FWD, Chubb and MSIG.