Australian financial comparison site iSelect acquires majority stake at iMoney

Australian financial comparison site iSelect acquires majority stake in iMoney

iSelect first invested in iMoney in 2014, when it was the sole investor in the company’s US$4 million Series B funding round

Australian financial comparison platform iSelect today announced that it has increased its shareholding in Malaysia-based platform of similar service iMoney.

An ASX-listed company, iSelect stated that it increases its shareholding from 23.8 per cent to 51.5 per cent via the purchase of US$4.15 million worth of shares from other iMoney shareholders.

The investment has positioned iSelect as the majority and single largest shareholder in iMoney.

Following the acquisition, a press statement stated that iSelect will work with iMoney to support its senior management team as well as accelerate the introduction of its operational know-how and tech platform into the business.

“Incorporating iSelect’s proprietary iConnect contact centre conversion technologies and know-how, and increasing iMoney’s marketing efforts, present significant opportunities to substantially lift lead monetisation and increase conversion rates,” said iSelect Managing Director & CEO Scott Wilson.

Also Read: PiMoney aims to provide a comprehensive aggregation solution for bank accounts, credit cards, loans and investments

Founded in 2012, iMoney is headquartered in Kuala Lumpur and has presence in Malaysia, Singapore, Indonesia and the Philippines. Though the company uses the iMoney brand in the most markets it operates in, in Indonesia it is known as AturDuit.

It is run by 130 staffs with a leadership team that has previous experiences with American Express, Citibank, CIMB Bank, HSBC, Tune Hotels, and iProperty Group.

The platform compares credit cards, loans, broadband, and insurance using online comparison and telephone-based advice.

It claimed to have secured 10.4 million unique visitors annually and generated over one million sales leads for providers.

In the markets it operates in, it competes with similar platforms such as MoneySmart and CompareAsia Group.

Meanwhile, Melbourne-based iSelect offers similar services to iMoney. It claimed to have “more than” nine million visitors and have provided recommendations to “over” six million customers in 2016 alone.

It has continued to provide financial, operational, and technical support for iMoney since its first investment in September 2014, which was a US$4 million Series B funding round.

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