Finally, a big fintech funding round in Hong Kong. The SCMP reports that MoneyHero, a Hong Kong-based financial aggregator, has completed a $50 million Series B round led by the World Bank’s International Finance Corporation. The Alibaba Entrepreneurs Fund also participated in the round, and so did existing investors such as Goldman Sachs.
MoneyHero was launched back in 2012 to help users compare various financial and insurance products, including credit cards, mortgages, and personal loans. It will apparently use the monies raised to enhance its user experience and “drive innovation by encouraging customers to shop around when choosing financial products.”
Apparently the latter is no easy feat, given how loyal Hong Kong’s consumers are to their banks, but in any case, MoneyHero appears more than happy to help them find a better deal. Here’s what they had to say to the SCMP:
“What we are doing is making it easier for them” to pick and choose, said MoneyHero’s managing director Rachel Lam.“Financial literacy in Hong Kong also lags behind other places, and our attempts to improve this were a reason for the IFC’s investment in the company.”
How much the round valued the company was not divulged, though according to Deal Street Asia, the SBI Group, Nova Founders Capital, and Route 66 Ventures, among others, also joined in the round.
Photo: Mark Lehmkuhler