Asian financial services comparing websites operator Compareasia Group has raised $40 million funding in series A round. The round was led by Goldman Sachs Investment.
The round also included participation from other investors including Nova Founders Capital (a venture firm that is also one of CompareAsiaGroup’s founders), Jardine Pacific Ace & Company, Route 66 Ventures, Zynga-founder Mark Pincus, and Owen Van Natta. However, the amount of participation has not been disclosed.
The company’s revenue model works by partnering with some companies (it currently works with 60 brands, including HSBC, Citibank, and Standard Chartered) and charging them if a user signs up for their services through its sites. But Co-Founder and managing director Gerald Eder says that CompareAsiaGroup seeks to give visitors a comprehensive overview by displaying all the institutions that fit their requirements, according to a TechCrunch article.
The newly acquired funding will be used by CompareAsia to add more categories, improve its platform’s technology, and expand in its current markets, before launching in new countries.
The company had previously raised $5 million in the seed round. CompareAsia currently works in 8 countries namely Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam, and intends to enter other territories in near future.