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Financial startup CompareHero to aid ‘underserved’ Malaysian market
CompareHero recently launched in Malaysia with the hope of becoming go-to financial comparison site. While the need for financial aid services seems to be growing rapidly in Southeast Asia, company competition is likely to heat up as well. CompareHero’s website focuses on making financial decision-making easier for users to make better informed choices on credit cards, loans, insurance policies as well as mobile and internet plans.
The service requires users to register for free which in turn creates personal profiles that gives them a customised market overview. CompareHero launched back in July 2013 and boasts a user base growing by more than 20% per week. In its first month alone, the company has claimed over 10 000 registered uses.
Managing director Gerald Eder says the user base figure is in-line with the team’s target as they are serving an underserved market. Eder further explains that while popular in Western markets, important financial information such as medical insurance policies are not readily accessible in Malaysia or the region.
CompareHero aims to expand its service offering as well as the target market in the coming months. CompareHero is aiming for regional expansion to help more people across Asia, not just Malaysia. Eder notes that there is a growing market for financial aid in the region:
“The mere size and complexity of the market created a need for an easy-to-use comparison website to help consumers find the best available offer. It can be very difficult for consumers to find the right financial product among many providers, different products, in-transparent information and websites.”
Competition such as mortgage comparison site Loanstreet and iMoney has also recently climbed on to the financial aid boat with the hopes of tapping into this market. iMoney, for instance, has recently secured US$2-million in Series A funding with the hopes of expanding to other markets in the coming months. The startup already has markets in its sight including Indonesia, the Philippines and Vietnam.
