Hong Kong-based personal finance platform CompareAsiaGroup has raised $20m in the B1 funding round.

The round was led by consumer credit reporting firm Experian, its fifth major investment in Asia Pacific region since 2017.

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Following the latest investment, CompareAsiaGroup has now raised more than $110m in total funding. It investors include IFC, Goldman Sachs Investment Partners and SBI Group among others.

CompareAsiaGroup funding: Future plans

With the new funding, CompareAsiaGroup plans to accelerate its plan on delivering enhanced customer solutions.

It also enables the company to utilise Experian’s cloud native platform Experian One. This will provide the finance platform with access to Experian’s Digital Onboarding Platform, Decision Management and Eligibility Scoring services.

Additionally, CompareAsiaGroup and Experian plan to introduce a range of open banking services in Hong Kong with possible expansion in other markets.

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CompareAsiaGroup CEO Sam Allen said: “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.”

CompareAsiaGroup was launched in 2014 as financial management platform for banking and insurance products and services.

It is said to reach more than 60 million users across Hong Kong, Malaysia, the Philippines, Singapore, Taiwan and Thailand.

Last year, CompareAsiaGroup launched a research and development centre in Singapore. The centre will enable the company to use data-driven technologies to offer customers tailored services.