KUALA LUMPUR: Australian Stock Exchange-listed iSelect Ltd has invested RM13mil in Malaysia’s iMoney Group, bolstering its plans to be a platform for all financial products in Asean.
iMoney, which was set up in 2012, is the number one personal finance comparision service in Malaysia, and over the past 12 months it has originated RM1.20bil in home loans.
As for iSelect, it is Australia’s leading on-line comparison service and the RM13mil investment by iSelect will mainly be used by iMoney to “further accelerate growth, bolster its management team as well as product and technology investment”.
A large chunk of the new capital would be used to invest in iMoney’s regional subsidiaries in Singapore, Indonesia and the Philippines.
Speaking a press conference on Thursday to announce the investment by iSelect, iMoney Group chief revenue office and co-founder Bruno Araujo said the RM13mil would see iSelect taking a 20% stake in iMoney and a board seat.
iMoney plans to triple its web traffic to five million unique visitors a month by next year across Southeast Asia. In the last eight months of this year, iMoney had already seen a significant five-fold increase to 1.5 million unique visitors a month.
iMoney group CEO and co-founder Lee Ching Wei said that iSelect’s investment in iMoney would bring vast experience and knowledge to our business and we are excited to have such a strong partner on board”.
Lee said iMoney’s focus would be to rapidly expand its web presence to broker mopre deals with financial institutions as well as to provide greater web content that it relevant to its customers.
“Beyond continued organic growth, we are also evaluating a number of acquisition opportunities in Southeast Asia with a view to growing even faster,” he said.
Over the last year, iMoney had originated RM1.2bil in home loans, 65,000 credit card and personal loan applications and now works with more than 50 financial institutions in Malaysia, Indonesia, the Philippines, Thailand, Singapore and Hong Kong.