Additional investment by ASX-listed company gives it a majority shareholding in Southeast Asia’s leading marketplace for financial products
KUALA LUMPUR, 03 October, 2017 — iSelect (ASX:ISU) the ASX listed comparison company, has today announced it has increased its shareholding in Intelligent Money Sdn Bhd (“iMoney”) positioning iSelect as the majority and single largest shareholder in iMoney.
iSelect initially invested in iMoney in 2014 and has continued to provide financial, operational and technical support since its initial investment, helping the company achieve average annual revenue growth of 80% over the past three years and establish a sustainable and scalable customer acquisition and conversion platform for future growth.
Co-founder and CEO of iMoney, Mr Lee Ching Wei commented, “We’re extremely delighted that iSelect is increasing its interest and commitment in iMoney. iMoney is entering a particularly exciting growth stage across all its markets and with the addition of iSelect’s systems, technology and wider group resources, we are confident our growth trajectory can be further accelerated as we continue to provide a world class service to our consumers and providers. The increased financial and operational commitment by iSelect is testament to the success of the business to date driven by the hard work of the employees of iMoney and the support of our shareholders.”
Commenting on the increased investment in iMoney, iSelect Managing Director & CEO Scott Wilson said: “The countries that iMoney currently operates in are located in the world’s fastest growing region, and feature a rapidly expanding credit and technology-savvy middle class. They have GDP growth rates averaging around 4% and up to 6.5% per annum, with accelerating internet penetration rates.”
“iMoney was recently named in the top 10 fastest growing FinTech businesses in Malaysia by IDC Financial Insights 2017 Fintech report. The iMoney team led by Co-founder and CEO Mr Lee Ching Wei have built an excellent business across the South East Asian region and iMoney is now set to reach scale and ubiquity as the leading destination for financial services comparison.”
In addition to the increased investment, iSelect will work with iMoney Group’s leadership team to bolster its senior management team as well as accelerate the introduction of iSelect’s proprietary operational know how and technology platform into the business.
“iMoney is at an exciting inflection point, with the ability to generate a substantial number of leads” Mr Wilson continued. “It operates several product verticals that compliment iSelect’s own business model including financial services, personal loans, credit cards, insurance and broadband. 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.”
Performance & numbers to date:
- 10.4m unique visitors annually
- Over 1m sales leads generated annually for providers
- 130 staff across 4 locations representing 13 nationalities
- Working with over 50 providers in 4 countries
- Leadership team previously with American Express, Citibank, CIMB Bank, HSBC, Tune Hotels, iProperty Group
iMoney is South East Asia’s largest comparison portal with headquarters in Kuala Lumpur and operations in Malaysia, Singapore, Indonesia and Philippines. Founded in 2012, iMoney compares credit cards, loans, broadband and insurance using online comparison and telephone-based advice. The business serves over 10.4 million unique visitors annually and connects them to 50 banking and telco partners throughout the region. iMoney has raised venture capital funding from leading global VC firms as well as iSelect.com.au, Australia’s leading comparison business.
At iSelect, we get that most people find insurance, utilities and personal finance boring. But we understand that it’s really important to always get these things right. As Australia’s Life Admin Store™, iSelect gives customers the confidence to make the right call on some of the things that matter most.
Last year, more than 9 million Australians visited our website and we provided recommendations to over 6 million customers. But we are much more than just another online comparison website. Our highly-trained experts at iSelect HQ help customers to choose and buy from thousands of available policies, products and plans. And we provide our advice at no cost to the customer.
We compare and sell some of Australia’s biggest brands and are proud to be ASX-listed and, unlike other comparison sites, we are not owned by an insurance company. From health and life insurance through to energy and broadband, as well as car insurance and home loans, iSelect helps Australians take care of the boring but important stuff.