Experian has led a $28 million investment round in Singapore-based transactional marketplace operator C88 Financial Technologies.
C88 runs two of the most popular financial marketplaces in Asia - CekAja.com in Indonesia, and eCompareMo.com in The Philippines - providing online access to financial services and education resources for over 50 million consumers.
The investment comes as C88 prepares to open a new marketplace in Thailand and expand sales of its data and analytic services to Asian financial institutions. The deal gives Experian a new outlet for its own suite of software services, which will be embedded into CekAja.com and eCompareMo.com, with a particular focus on the large unbanked population in Asia.
The investment follows Experian's recent participation in a US$30 million Series D financing round in India’s BankBazaar in October 2017.
Ben Elliott, chief executive officer, Asia Pacific, Experian says: “In Southeast Asia, as little as 48% of more than 600 million people have access to a bank account. Exclusion from the traditional banking system makes it almost impossible for individuals and businesses to borrow or save money; significant barriers towards social and economic progress. Experian has been working closely with financial institutions and start-ups across Asia, including C88, to progress this. Together we are building an ecosystem in countries where traditional data is not readily available, and in the process making important leaps towards empowering consumers with enhanced financial access."