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HaloMoney raised funding series B for $50 million

Tinuku ~ HaloMoney's financial comparison website raised funding of more than Rp670 billion (US$50 million). HaloMoney.co.id's credit card and credit without collateral comparison services website this week announced new investors through series B funding, including International Finance Corporation (IFC), Alibaba, SBI Group and H&Q Utrust.

Tinuku HaloMoney.co.id raised funding series B for $50 million

The HaloMoney Managing Director, Riko Depari, said the International Finance Corporation (IFC), a subsidiary of the World Bank engaged in strategic financing, has invested Rp200 billion (US$15 million). Other investors are Alibaba, the SBI Group, and H&Q Utrust in total funding entirely Rp670 billion (US$50 million).

Previously, HaloMoney raised funding series A in April 2015 for US$40 million. The investors who joined at this stage were Goldman Sachs, Nova Founder Capitals, Stem Financial, ACE & Company, and Route 66 Ventures.

The funding of Serie A and B is made by Compare Asia Group as a Hong Kong-based HaloMoney business group. Series B financing is done to empower consumers in seven countries in Asia and improve financial conditions to be healthier by matching each consumer with products that best suit their needs and risk profile.

Seven countries in Asia become the focus of business is Indonesia (Halomoney.co.id), Malaysia (comparehero.my), Thailand (moneyguru.co.th), Singapore (Singsaver.com), Philippines (moneymax.ph), Hong Kong (moneyhero.com.hk), and Taiwan (money101.com.tw).

Compare Asia Group will use this series B funding to develop more detailed business scale. They want to reach more consumers by increasing awareness on HaloMoney.co.id platform and helping consumers understand Halomoney.co.id's services in order to build financially healthier.

They will also develop technology to deliver solutions to consumers according to their financial needs, while still providing an exciting user experience. HaloMoney.co.id will also continue to build the best team in Asia. Today Compare Asia Group has more than 150 teams focusing on helping consumers in Asia.

"We will build a world class team with the best culture in Compare Asia Group, as well as expand access to financial product information services for consumers in addition to credit cards and loans," Depari said in a statement on Tuesday.

The entry of new strategic investors and previous investor support has provided more than a capital for Compare Asia Group to serve the people of Asia in improving financial and economic literacy.

"The joining of new investors and old investors allows us to fulfill our vision of empowering more than 600 million consumers in Asia to build healthier financial life," said David Hatcher, Chief of Marketing Officer of Compare Asia Group.

HaloMoney is an independent comparison website currently focuses on credit card and credit services without collateral. Indonesian consumers will utilize financial information in HaloMoney to make comparisons and credit applications. All services and information are used by consumers for free.

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