Business

Alibaba Invests In Hong Kong Financial Platform

Hong Kong-based online personal financial platform CompareAsiaGroup announced the completion of its latest round of financing of USD50 million.

CompareAsiaGroup revealed in a statement that its investors include Alibaba Entrepreneurs Fund, Japanese financial service company SBI Group, and H&Q Utrust. Meanwhile, its existing investors like Goldman Sachs Investment Partners, Nova Founders Capital, and Route 66 Ventures also participated in the investments.

The increase of Asia's middle class and the popularity of Internet services promote the demands for online financial products in Asia. CompareAsiaGroup provides price comparison services and management tools to those who are looking for insurance policies, credit cards, loans or other financial products. The company operates localized websites in many countries, such as ingSaver.com.sg in Singapore. CompareAsiaGroup has 500,000 monthly active users in Singapore and it cooperates with many financial services providers.

Mads Faurholt-Jorgensen, chairman of CompareAsiaGroup, said the company plans to use the newly raised funds in technology, marketing, and employee recruitment. Over the next few months, they will increase the number of their employees from the current 150 to over 200.

He also said that the company will continue to focus on the existing seven markets in operations and they see huge opportunities in Philippines, Indonesia and Thailand.

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