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Financial comparison and advisory startup, iMoney Group, announced yesterday that it secured US$2-million in Series A funding. This news comes after the Malaysia-based company managed to raise US$500 000 in June this year.
In a nutshell, iMoney aims to help you sort out your financial products such as home loans, personal loans and credit cards, and apply online for those products. The service is described as being both a transparent and convenient way to apply for loans from your computer.
Led by Jungle Ventures, investors include ECONA AG, Rebright Partners, IMJ Fenox, Fenox Venture Capital, 500 Startups, Vogel Ventures and Angel Investor Lim Der Shing. iMoney partners can leverage the startup’s know-how to reach customers in the digital space and further adapt their services accordingly.
“At this point, iMoney is growing at double digits month-on-month, and while we’re already the largest financial comparison business in the region, we want to further accelerate this”, said Lee Ching Wei, Co-Founder and Group CEO at iMoney
He further noted that this most recent funding would strengthen the company with hopes to further expand. “This round of funding will allow us to continue to invest in user acquisition and to strengthen our operational teams on the ground, with the aim of bringing iMoney to the next level.”
The company hopes to accelerate growth in Malaysia with hopes of expanding to other markets in the coming months. “iMoney is operating in an extremely attractive market, and we see huge potential going forward, given the rapid growth in the middle class and increasing demand for financial services and products,” says managing partner of Singaporean-based Jungle Ventures Amit Anand.
The startup claims over 600-million customers and a double-digit growth rate in internet penetration. As far as we can tell, apart from major banks, there isn’t that much of an option where one can apply for loans online.
CEO Lee Ching Wei said earlier this year that before iMoney “there wasn’t a public portal where consumers could easily go to compare interest rates and apply for loans and financial products online”. That’s the gap iMoney wants to fill.