Goldman Sachs-backed CompareAsiaGroup gets new CEO Sam Allen
CompareAsiaGroup, Goldman Sachs-backed consumer finance startup, has welcomed its new CEO, Sam Allen. CompareAsiaGroup in 2015 closed a Series A round of funding led by Goldman Sachs. The total seed funding reached to $45 million so far. CompareAsiaGroup may go for a second round of funding shortly to enhance its technology applications to serve its consumers in a more better way.
Having presence across eight countries, CompareAsiaGroup runs sites in Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Taiwan, Thailand and Vietnam. The financial startup's operations include providing different rates on term loans, credit cards, insurance and other financial products. The different rates enable its consumers to make a comparison to choose a better product.
TechCrunch reports that CompareAsiaGroup will go for a second round of funding soon. The financial startup will use mobilized funds to enhance technology applications in analyzing and making comparisons on several financial products. It's planning to add more information from banks, telecoms and other providers, enabling faster growth of its sites.
Established in 2014, CompareAsiaGroup monetizes several financial products, while working with financial service providers. It charges financial service providers whoever signs up for its services through its sites. CompareAsiaGroup is also considering a plan to launch sites in new Asian countries. However, it still has to finalize its expansion plan.
e27 further adds that CompareAsiaGroup is in the process of raising a large Series B funding, following the $40 million Series A funding last year. Allen's appointment comes close on the heels of the Series B round plan. CompareAsiaGroup hopes the Sam Allen's inclusion will further strengthen its position as a leading comparison platform in Asia.
Being a Business management graduate from the Graduate School of Business at Stanford, Allen earlier worked as Director at KKR and handled private equity investment portfolio operations. Allen said "We have 20 million users across the region. We help consumers save time and money and as we grow and continue to invest, we will continue to do that."
Sam Allen worked for nine years at KKR. He was a member of the Asia Leadership Team as well. As an advisor and interim executive, he handled portfolio companies in several Asian nations. Before his stint at KKR, Sam Allen worked at McKinsey & Company and AT&T Wireless, according to CompareAsiaGroup.
New York-based Goldman Sachs Group Inc is an American multinational investment banking firm engaged in global investment banking, investment management, securities and other financial services. Goldman Sachs totally backed the Series A round funding for CompareASiaGroup, which offers comparison platform for over 1,500 financial products from leading banks and insurance companies.