CompareAsiaGroup gets $40 million investment

ABS-CBN News

Posted at Apr 29 2015 04:21 PM | Updated as of Apr 30 2015 12:21 AM

MANILA, Philippines - CompareAsiaGroup said it received an additional $40 million in funding from various institutions led by Goldman Sachs Investment Partners team.

CompareAsiaGroup's new financing round also included institutions such as Jardine Pacific, Nova Founders Capital, ACE & Company, Route 66 Ventures, and angel investors such as Zynga founder Mark Pincus and Facebook ex-COO Owen Van Natta.

CompareAsiaGroup is a leading comparison platform for personal financial services such as credit cards, loans, and car insurance.

In the Philippines, CompareAsiaGroup currently operates MoneyMax.ph, wherein users can compare financial and telecom products and services.
 
"This new round of investment will further enhance our market-leading offering to consumers in the Philippines with improved services, widening of our partner network and additional marketing initiatives," Jorrit Koop, managing director for MoneyMax.ph Philippines, said.

As part of the funding round, Goldman Sachs Investment Partners will join the board of directors of CompareAsiaGroup.
 
"We have been impressed by the achievements and high-quality management team of CompareAsiaGroup. Asia presents a unique opportunity for the company, the financial industry is growing rapidly but has remained relatively untouched by technology. We hope to assist the company in achieving its ambitions and create value for its customers and shareholders," Kenneth Eberts, co-head of Goldman Sachs Investment Partners, said.