ACE & Company invests $7.5 million intothe leading financial platform across Asia.
Geneva, 27. April 2015. - ACE & Company, a global private equity group, announces today that it has committed $7.5 million to CompareAsiaGroup in a $40 million capital raise round led by Goldman Sachs and Nova Founders Capital.
CompareAsiaGroup is the leading financial platform across Asia. The investment reflects ACE’s strong interest in the growing and proven business model of comparing financial service products, as CompareAsiaGroup offers customers a one-stop online solution to compare banking, insurance and telecommunications services.
ACE firmly believes that CompareAsiaGroup’s future success will be driven by its best in class management team and their superior execution. Founded in 2013 by Nova Founders Capital and Gerald Eder, an ex Rocket Internet managing director and successful serial entrepreneur, CompareAsiaGroup can count on top managers such as Stuart Glendinning, Head of Channels, who was a managing director at Moneysupermarket as well as Anthony Heath, CPO and former PM of uSwitch, the largest utility and telecommunications comparison site in Europe.
Commenting on the investment in CompareAsiaGroup, Marc Syz, Managing Director of Ace & Company in Hong-Kong, said: “ACE invests according to specific themes and aims to support innovative service providers seeking to dislodge established players. This investment will strengthen ACE’s position in taking stakes in companies that disintermediate traditional services. In addition, ACE will secure a board seat among the seven member board of directors alongside Goldman Sachs and Jardine Pacific.”
Globally, the future of financial services looks bright as it is one of the highest spending industries for online advertising and paid search. Financial comparison sites are becoming increasingly attractive in the Asian market due to the positive economic growth trends, the size and expansion of the middle class and the limited extent of competition in the region. South East Asia in particular has one of the fastest growing online populations in the world, with a rising middle class. According to research by leading international consultants, the region’s banking and insurance target market alone represents a $52bn+ potential opportunity with more than 180mm individuals online. CompareAsiaGroup remains the only player offering and monetizing a comprehensive suite of products.
About ACE & Company
ACE & Company, co-founded in 2005, is a global private equity group specialized in co-investments. By combining the in-house team capabilities with those of our partners, ACE is able to source, provide due diligence, and execute on superior investment opportunities. This collaborative vision allows for a more efficient diversification across the different investment stages of private companies globally. Within this broader set of opportunities, the company strives to facilitate the efficient allocation of capital to the most attractive industries and markets on a risk-adjusted basis. ACE aims to actively improve investment returns by adding strategic value to both its portfolio companies and sourcing partners by leveraging its broad investment knowledge.
CompareAsiaGroup is Asia’s leading financial comparison platform. The Group helps people across Asia save money and make better choices about personal finance with comprehensive, free and independent online comparison tools for insurance, credit cards, personal loans and other financial products. CompareAsiaGroup partners with the leading financial institutions in Asia to compare over 1,500 products. Launched in 2014, the Group employs 150 financial experts and technologists and has a presence in Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. www.compareasiagroup.com
About Nova Founders Capital
Nova Founders Capital is a global investment company that identifies opportunities to build innovative internet businesses in high-growth markets. The company builds and invests in sustainable large-scale business models, with a strong focus on innovative financial services. The team behind Nova Founders Capital are some of the most experienced entrepreneurs in the world, and have successfully grown over 30 technology businesses globally. www.novafounders.com/