The fund will be used to develop its proprietary technology and further expand its team.
Nearly four years since it was founded and now ramping up to more than 1 million consumers served per month, personal finance management platform MoneyHero.com.hk has secured US$50m in additional funding and is looking to push through its next stage of growth by upgrading its technology and hiring top talent.
MoneyHero secured access to the funding led by IFC, a member of the World Bank Group, as part of CompareAsiaGroup Series B. The holding company employs more than 150 financial experts and technologists and aside from its presence in Hong Kong (MoneyHero), it also operates in Indonesia (HaloMoney.co.id), Malaysia (CompareHero.my), the Philippines (MoneyMax.ph), Singapore (SingSaver.com.sg), Taiwan (Money101.com.tw) and Thailand (MoneyGuru.co.th).
The latest funding round also included other 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.
Rachel Lam, managing director of MoneyHero, said the funding raised through a Series B Round will be used to develop its proprietary technology and further expand its team with “exceptional talent.”
One of the key goals: Improve user experience on the platform, which has stood out in a competitive market by going the hi-tech route: It uses data, machine learning and artificial intelligence to offer optimal search matches across a breadth of financial products.
For example, the site can compare personal instalment loans from more than 20 banks and let a user perform a free eligibility check after entering how much they want to borrow and loan duration. It also offers comparisons for credit cards, mortgages and travel insurance - with over 400 personal finance products to-date.
Lam said MoneyHero’s investment and user growth can be attributed to its strong industry partnerships. She said the platform has developed deep relationships with the largest local and regional banks and insurers in HK. Partners include Standard Chartered, HSBC, Citibank, Bank of China, American Express, DBS, Bank of East Asia, FWD, Chubb and MSIG. It also works with these firms to arrange exclusive promotional offerings such as additional air miles and cash rebates.
“We compare all financial products for consumers for free before making a decision,” said Lam, who was one of the earliest employees of HK fintech company Welab and spent over 6 years working in product development and marketing at retail banks, including Citibank. “We are passionate about providing personalised solutions as we connect consumers with the best banking and insurance products for them.”
“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,” said Alister Musgrave, founder and managing director of MoneyHero, who has worked for equity sales and derivatives sales trading for Morgan Stanley in London. “We’ve accomplished a lot already, but still have much more ahead of us with many exciting new developments on the horizon.”
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