Australian price comparison site iSelect takes over South East Asia's top equivalent, iMoney
Australian price comparison company iSelect has boosted its stake in its Malaysian equivalent, iMoney, to take majority share.
Headquartered in Kuala Lumpur, iMoney provides price comparison support for crdit cards, loans, broadband and insurance both on its website and over the phone. It operates across Malaysia, Singapore, Indonesia and the Philippines.
The company bought $4.14mn worth of shares from other shareholders, increasing its stake in iMoney from 23.8% to 51.5%.
The purchase price is the equivalent of 5.9 times iMoney’s revenue for 2017.
iSelect was the sole investor in iMoney’s $4mn series B funding round in September 2014, since which it has continued to provide financial, operational and technical support.
It has helped iMoney achieve an average annual revenue growth of 80% over three years.
Previous investors in iMoney have included Asian Venture Group, IMJ Investment Partners, 500 Start-ups and Jungle Ventures among others.
Current competitors providing similar services in South East Asia include Compare Asia Group, Money Smart and Jirnexu.
According to iMoney’s co-founder and CEO Lee Ching Wei: “iMoney is entering a particularly exciting growth stage… with the addition of iSelect’s systems, technology and wider group resources, we are confident our growth trajectory can be further accelerated… the increased financial and operational commitment by iSelect is a testament to the success of the business to date.”
iSelect CEO and Managing Director Scott Wilson has stated “the countries that iMoney currently operated in are located in the world’s fastest-growing region and feature a rapidly expanding credit and technolgoy0savvy middle class.”
According to Wilson, GDP rates in the region average 4&% and can be as high as 6.5% per year.
iMoney was recently named in the top 10 fastest-growing Fintech businesses in Malaysia by IDC Financial Insight’s 2017 Fintech report.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.