Experian, one of many largest credit score reporting bureaus in the USA, introduced at the moment that it has invested in CompareAsiaGroup, the monetary companies market. Experian led the preliminary closing of a $20 million B1 spherical.
Along with new funding, the funding additionally provides Hong Kong-based CompareAsiaGroup entry to Experian’s expertise, together with Experian One, a cloud-based credit score scoring and danger evaluation platform. CompareAsiaGroup not too long ago opened a analysis and improvement heart in Singapore to develop extra tech instruments and its partnership with Experian will allow it to launch new open banking companies in Hong Kong that may also be tailored for different markets.
The platform at the moment claims 60 million customers in Asian international locations together with Hong Kong, Singapore, Taiwan and Thailand who use it to comparability store for financial institution accounts, private loans, insurance coverage, bank cards and different monetary merchandise.
That is the most recent funding Experian has made in Asian fintech startups (the others embrace Jirnexu in Malaysia, C88 Monetary Applied sciences Group, and India’s BankBazaar). It is usually participated in Seize’s Collection H, introduced earlier this summer season.
Ben Elliot, the CEO of Experian in Asia Pacific, tells TechCrunch that Experian focuses on investments that offers extra individuals entry to monetary companies. “Clearly we profit from that, however I feel this actually reveals our dedication to Southeast Asia particularly, and in addition on this case Hong Kong and Taiwan,” he mentioned concerning the new funding in CompareAsiaGroup. “My view is that additional time we’ll see our capabilities and CompareAsiaGroup actually bettering the expertise of shoppers whereas they’re borrowing.”
CompareAsiaGroup has now raised greater than $90 million thus far because it was based in 2014. Its different buyers embrace World Financial institution Group member IFC, Goldman Sachs Funding Companions, ACE and Firm, Jardines, Alibaba Entrepreneurs Fund, SBI Group and H&Q Utrust.