Southeast Asia’s online personal finance sites took a step toward consolidating, with CompareAsiaGroup acquiring budgeting and financial Q&A site Seedly from ShopBack, the companies said in a press release Tuesday.
E-commerce cashback player ShopBack had acquired Seedly in 2018.
Henry Chan, CEO and co-founder of ShopBack, told DealStreetAsia via email Tuesday, that his company and Seedly’s founders, Kenneth Lou and Tee Ming Chew, agreed unanimously that it would be better for Seedly to seek synergies via independent financing and/or strategic partners.
ShopBack declined to provide a valuation for the deal; in 2018, ShopBack paid $2.12 million for Seedly, according to VentureCap data.
Singapore-based Seedly will continue to be run as an independent, stand-alone platform, the press release said, adding it would work with CompareAsiaGroup to develop the personal-finance community both within Singapore and outside its current market in the city-state.
Seedly has around 1.1 million unique monthly users, while CompareAsiaGroup claims 10 million monthly users across its six Asian markets – Hong Kong, Malaysia, the Philippines, Singapore, Taiwan and Thailand, the statement said.
CompareAsiaGroup offers online financial comparison and education sites for consumers, including MoneyHero, SingSaver and MoneyGuru, as well as the eKos_connect software-as-a-service (SaaS) offering, which connects financial institutions with digital partners.
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