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Indonesia: Finance and insurance portal nabs series A funding from Monk’s Hill Ventures

March.05.2015 0 Comments

Finance and insurance portal Compare88 Group announced today that it has raised an undisclosed amount in series A funding from Singapore-based Monk’s Hill Ventures. Compare88 owns and operates the CekAja brand in Indonesia – one of the country’s popular independent finance and insurance portals, as well as the eCompareMo brand in the Philippines.

The company will use the funds to further accelerate growth in Southeast Asia, expand the team, and build out its technology.

See: CekAja helps to compare and apply for financial products

Compare88 also announced that Monk’s Hill Venture’s managing director Peng T. Ong, who recently stepped down from the board of Singtel, as well as Stefan Jung, will join the Compare88 Board.

“Compare88 has grown quickly into the regional leader in this space,” says Ong in a statement, “And, we look forward to working with the team to building a true regional powerhouse in the coming years.”

Compare88 says the funding marks Monk’s Hill Ventures’ first series A investment since the firm’s launch last year. However, this is still unclear, as two days ago we reported that Singapore’s Ninja Logistics secured US$2.5 million in series A funding in a round led by Monk’s Hill.

In Indonesia, Compare88 competes with sites like Cekpremi and AturDuit. Currently, Cekpremi lets users compare and purchase insurance products online and received an undisclosed angel investment before setting up shop in Jakarta. Tech in Asia is reaching out to Compare88 Group for more information on this story and will update the article if we hear back.