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Goldman Sachs-backed CompareAsiaGroup gets new CEO ahead of its second round of funding

TechCrunch TechCrunch 5/04/2016 Catherine Shu

CompareAsiaGroup, a consumer finance startup backed by Goldman Sachs Investment Partners, has appointed Sam Allen as its new chief executive officer. Allen previously worked at KKR, where he was a director on the private equity investment firm’s portfolio operations team.

The company runs sites in eight Asian countries (Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam) that allow consumers to compare rates and terms on loans, credit cards, insurance plans, and other financial products. It closed a $40 million Series A last year led by Goldman Sachs, bringing its total backing so far, including seed funding, to $45 million.

CompareAsiaGroup monetizes by working with financial service providers and charging them for each user who signs up for its services through its sites, but says it keeps its information objective by not giving partners more prominent placement.

Allen tells TechCrunch that CompareAsiaGroup is planning to raise a second round of funding that it will use to improve its technology and add more information from banks, telecoms, and other providers as its sites aim for faster growth. The company may also launch sites in new Asian countries, but it has no definitive plans right now.

“We have 20 million users across the region. We help consumers save time and money and as we grow and continue to invest, we will continue to do that,” says Allen.

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