iMoney Group, a Malaysia-based provider of a financial comparison platform, closed a $2m Series A funding.
The round was led by Jungle Ventures with participation from ECONA AG, Rebright Partners, IMJ Fenox, Fenox Venture Capital, 500 Startups, Vogel Ventures and angel investor Lim Der Shing.
The company, which had previously raised $500k in seed capital from Asia Venture Group Sdn Bhd (AVG), intends to use the funds to further accelerate growth in Malaysia and consolidate its position in other markets (Thailand, Philippines, Indonesia, Singapore and Hong Kong) in the coming months by investing in user acquisition and strengthening its operational teams
Founded in 2012 by Lee Ching Wei, CEO, iMoney allows consumers to compare financial products such as home loans, personal loans and credit cards, and apply online for those products. In Malaysia (www.iMoney.my), the company works with OCBC, Maybank, AIA,CIMB, Alliance, AmBank and others to originate loans online.
iMoney has named former CIMB, Citi and RBS senior banker Bruno Araujo as co-founder and chief revenue officer.