World Bank, Alibaba fund invest in Hong Kong-based fintech startup

International Finance Corp, as the World Bank unit is called, said it had agreed to invest $15 million in the firm

Reuters July 12, 2017

Hong Kong-based startup CompareAsiaGroup has secured $50 million in funding from investors led by the World Bank's commercial lending arm, as the personal finance management platform looks to develop its technology and launch more products.

The International Finance Corp (IFC), as the World Bank unit is called, said it had agreed to invest $15 million in the firm. The other investors include Alibaba Entrepreneurs Fund, a not-for-profit fund launched by Chinese e-commerce giant Alibaba Group, and Japan's SBI Group.

Alibaba to launch product similar to Amazon Echo: source

Existing investors of CompareAsiaGroup, such as Goldman Sachs Investment Partners and private equity firm Ace & Company, also took part in the funding round, the fintech company said without disclosing the breakdown for each investor.

CompareAsiaGroup helps consumers in Hong Kong, Indonesia and five others countries in Asia Pacific compare and buy financial products ranging from insurance, loans and credit cards.

It earns a fee from banks including HSBC, DBS and Standard Chartered and insurers such as FWD Group and QBE Insurance Group every time a person buys their products on its platform.

The company plans to expand its offerings in Southeast Asia and roll out more broadly products such as broadband services and mobile phone plans on its platform, CEO Sam Allen said.

Alibaba launches low-cost voice assistant amid AI drive

"It's a great strategic fit for us to have the IFC on board," said Allen, on the sidelines of the RISE technology conference in Hong Kong. "The focus for us is how do we grow in Indonesia, Philippines and other countries where there's a huge population of unbanked people that is coming online every day."


Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ


Most Read