According to the official statement from iMoney, the funds raised will be used mainly to further accelerate growth, bolster its management team as well as product and technology investment. A large portion of the new capital will also be reserved for investment into iMoney’s regional subsidiaries in Singapore, Indonesia and Philippines.
“Moving forward, our business focus will be on rapidly expanding our web presence to broker more deals with financial institutions as well as to provide greater web content that is relevant to our consumers,” Group CEO and co-founder, Lee Ching Wei said in the company’s statement. “Beyond continued organic growth, we are also evaluating a number of acquisition opportunities in the South East Asia Region with a view to growing even faster.”
Following the investment, iSelect Limited will own 20 percent stake in iMoney. Commenting on this deal, Executive Chairman of iSelect Limited, Damien Waller said “iMoney shares a similar business model to iSelect and is at a similar phase in its evolution to where iSelect was 10 years ago. iSelect’s investment in iMoney provides us with exposure to high growth consumer markets in South East Asia and an early stake in a market leading and high growth business.”
iMoney aims to triple its web traffic to 5.0 million unique visitors a month by next year across the South East Asia region. iMoney enjoyed a significant five-fold growth to approximately 1.5 million unique visitors a month in the past 8 months.
Visitors to iMoney’s sites are able to compare and apply for a range of everyday financial services products such as home loans, credit cards, personal loans and insurance. The application can be done online or via a telephone call with an advisor.
Prior to the investment from iSelect Limited, in 2013 alone, the company has successfully raised USD 500,000 in seed funding from Asia Venture Group (AVG) followed by USD 2 million in a series A funding round led by Singapore-based venture firm Jungle Ventures.
iMoney, a Malaysia-based financial services comparison startup, today announced it has raised USD$4 million (RM13 million) from iSelect Limited, Australias online comparison service.
