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Singapore based financial comparison portal MoneySmart has raised $10m in Series B funding led by Kakaku. Moneysmart helps users compare 17 different personal finance products including credit cards, insurance, and loans. Site visitors can also read about various financial topics on the accompanying blog, maintained by full-time staff. The funding will help Moneysmart ramp up its marketing efforts and hire more people. The startup has “more than doubled” its headcount since its series A and this will continue with new hires in product development, sales, content, and new market expansion.
Founder and CEO Vinod Nair demurs on details about which new markets the startup is interested in. It entered Indonesia in late 2014 by acquiring local counterpart KreditAja, which was later renamed to DuitPintar. Nair indicates that Moneysmart might not be in a financial position to outright buy another company to enter a new market (the KreditAja acquisition was an equity deal, with KreditAja taking a minority stake in Moneysmart). However, he doesn’t rule out the possibility. Moneysmart claims to have an average of 700,000 unique visitors per month. Nair doesn’t reveal any details about the startup’s revenue but says revenue has doubled year-on-year for the last three years. Moneysmart’s focus on sustained growth, choosing markets carefully and growing in them before branching out, was one of the factors that attracted Kakaku as an investor, he adds.
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