ACE & Company, a global private equity group, has committed USD7.5 million to CompareAsiaGroup in a USD40 million capital raise round led by Goldman Sachs and Nova Founders Capital.
CompareAsiaGroup is one of the leading financial platforms in Asia. The investment reflects ACE’s strong interest in the growing and proven business model of comparing financial service products, as CompareAsiaGroup offers customers a one-stop online solution to compare banking, insurance and telecommunications services.
ACE firmly believes that CompareAsiaGroup’s future success will be driven by its best in class management team and their superior execution. Founded in 2013 by Nova Founders Capital and Gerald Eder, an ex Rocket Internet managing director and successful serial entrepreneur, CompareAsiaGroup can count on top managers such as Stuart Glendinning, Head of Channels, who was a managing director at Moneysupermarket as well as Anthony Heath, CPO and former PM of uSwitch, the largest utility and telecommunications comparison site in Europe.
Marc Syz, Managing Director of Ace & Company in Hong-Kong, says: “ACE invests according to specific themes and aims to support innovative service providers seeking to dislodge established players. This investment will strengthen ACE’s position in taking stakes in companies that disintermediate traditional services. In addition, ACE will secure a board seat among the seven member board of directors alongside Goldman Sachs and Jardine Pacific.”
Globally, the future of financial services looks bright as it is one of the highest spending industries for online advertising and paid search. Financial comparison sites are becoming increasingly attractive in the Asian market due to the positive economic growth trends, the size and expansion of the middle class and the limited extent of competition in the region. South East Asia in particular has one of the fastest growing online populations in the world, with a rising middle class. According to research by leading international consultants, the region’s banking and insurance target market alone represents a USD52 billion-plus potential opportunity with more than 180 million individuals online.
