Experian, one of the largest credit reporting bureaus in the United States, disclosed today that it has invested in CopareAsiaGroup which is a financial services marketplace. Experian led the initial closing of a $20 million B1 round.
Along with the new funding, the investment also gives Hong Kong-based CopareAsiaGroup access to Experian’s technology, which includes Experian One, a cloud-based credit scoring, and risk-assessment platform. CompareAsiaGroup also recently opened a research and development center in Singapore to develop more technological tools and its partnership with Experian will allow it to launch new open banking services in Hong Kong, which can also be adapted for other markets.
The platform currently holds 60 million users in Asian countries including Hong Kong, Taiwan, and Thailand who use it to care and shop for bank accounts, personal loans, insurance, credit cards, and other financial products.
CompareAsiaGroup will benefit Experian, says CEO
This is the latest investment Experian has made in Asian fintech startups. The other includes Jirnexu in Malaysia, C88 Financial Technologies Group and India’s BankBazaar. Experian has also participated in Grab’s Series H earlier this month.
The CEO of Experian in the Asia Pacific, Ben Elliot says that Experian focuses on investments that give more people access to financial services. He says, “Obviously we benefit from that, but I think this really shows our commitment to Southeast Asia in particular, and also in this case Hong Kong and Taiwan,” he said about the new funding in CompareAsiaGroup. “My view is that over time we’ll see our capabilities and CompareAsiaGroup really improving the experience of customers while they are borrowing.”
CopareAsiaGroup has now raised more than $90 million till date since it was founded in 2014. The company’s other investors include World Bank Group member IFC, Goldman Sachs Investment Partners, Ace and Company, Jardines, Alibaba Entrepreneurs Fund, SBI Group, and H&Q Utrust.