Fintech
Experian Leads US$20M First Close of Series B1 Investment in CompareAsiaGroup
Experian, the world leader in information services, is leading the US$20 million first close of Series B1 investment in CompareAsiaGroup, one of Asia’s leading financial management platforms for banking and insurance products and services.
Founded in 2014, CompareAsiaGroup currently reaches 60 million users across six markets including Hong Kong(MoneyHero.com.hk), Singapore (SingSaver.com.sg), Taiwan (Money101.com.tw) and Thailand (MoneyGuru.co.th).
Through this investment, and subsequent access to Experian’s technology, CompareAsiaGroup will intensify its focus on delivering enhanced customer solutions. The announcement comes after CompareAsiaGroup’s substantial investment in digital resources, including the 2018 launch of the CompareAsiaGroup Technology and Research and Development Centre in Singapore which was supported by the Singapore Economic Development Board. The investment will enable CompareAsiaGroup to enhance the use of data-driven technologies, offering customers more personalised services with new levels of innovation, efficiency, and scalability.
In Asia Pacific, 47 percent of the adult population in low and middle-income countries do not have access to a bank account.[1] In addition, while the financial inclusion challenge is not as prevalent in more mature economies, consumers in markets such as Singapore[2] and Hong Kong[3] often lack comprehensive understanding of insurance, investment, retirement planning and tools (e.g. credit cards). Experian and CompareAsiaGroup will empower consumers to access the relevant financial products and services they need, while improving consumers’ financial knowledge.
Experian’s investment in CompareAsiaGroup is the latest in a series of Asia Pacific investments made by the company to promote greater consumer financial health in the region. The investment in CompareAsiaGroup follows Experian’s recent investment in Grab, with both serving as clear commitments to the Asia Pacific fintech industry.
Ben Elliott, Chief Executive Officer, Experian, Asia Pacific, said: “The challenge of financial inclusion is not limited to emerging markets. Across developed markets like Singapore and Hong Kong, many face unique obstacles when trying to access financial services or as they plan for their future financial needs.”
Elliott added, “Five major investments in Asia Pacific, within the past 18 months, show our commitment to powering the region’s credit economy. We will continue to work on strengthening the financial profile of Asia Pacific consumers. This is a significant undertaking that requires careful attention to consumers’ overall financial literacy and access to financial services. We are glad to move further forward in this journey with CompareAsiaGroup, a trusted partner and proven industry leader.”
Sam Allen, Chief Executive Officer, CompareAsiaGroup, said: “We are passionate about delivering a unified customer journey, from product comparison to digital application, in order to help our customers make wiser financial decisions. This partnership further strengthens our ability to empower people to build healthier financial lives, a shared mission for both CompareAsiaGroup and Experian.”
Allen concluded, “Together with Experian, we are excited to progress on a clear course towards a data-driven future where all individuals can easily access resources to improve their financial standing. We look forward to connecting more customers with the right products, especially consumer loans and cards, and offering a secured and integrated digital experience that is unique to each customer.”
The partnership aims at boosting the adoption of digital financial services in the region. As a result of the partnership, CompareAsiaGroup will benefit from utilising Experian One, Experian’s cloud native platform. This will deliver access to Experian’s Digital Onboarding Platform, Decision Management and Eligibility Scoring services. The partnership will also enable a range of new Open Banking services in Hong Kong: a high-priority market for both companies. This will also be rolled out in other markets in accordance with local laws and regulations.
CompareAsiaGroup has raised more than US$90 million in total funding from investors, including IFC, a member of the World Bank Group, Goldman Sachs Investment Partners VC and Growth Equity, ACE & Company, Jardines, Alibaba Entrepreneurs Fund, SBI Group and H&Q Utrust. Experian leads the latest US$20 million first close of Series B1 round of funding.
SOURCE Experian
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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