With an aims to triple its web traffic to 5 million by next year, online personal finance platform iMoney has secured USD 4 million led by Australia’s online comparison service, iSelect Limited. The raised funds will be used to further accelerate growth, support its management team as well as product and technology investment. A large portion of the new capital will also used for investment into iMoney’s regional subsidiaries in Singapore, Indonesia and Philippines.
Last year, the company had received USD 500k in Seed round and USD 2 million in Series A funding. Including this round, it is having a total capital of USD 6.5 million.
“Moving forward, our business focus will be on rapidly expanding our web presence to broker more deals with financial institutions as well as to provide greater web content that is relevant to our consumers. Beyond continued organic growth, we are also evaluating a number of acquisition opportunities in the South East Asia Region with a view to growing even faster,” stated Group CEO and co-founder, Lee Ching Wei.
Over the last year alone, iMoney has originated USD1.2 billion in home loans, 65,000 credit card and personal loan applications and now works with more than 50 financial institutions across 6 countries (Malaysia, Indonesia, the Philippines, Thailand, Singapore and Hong Kong).
“iSelect’s investment in iMoney provides us with exposure to high growth consumer markets in South East Asia and an early stake in a market leading and high growth business,” Executive Chairman of iSelect Limited, Damien Waller added.