Convergence, Golden Gate in Series A for Singapore's MoneySmart
Singapore-based personal finance portal MoneySmart has raised S$2.8 million ($2 million) in a Series A round led by Singapore Press Holdings (SPH) Media Fund, with participation by Convergence Ventures, OPT SEA and Golden Gate Ventures.
MoneySmart aims to provide customers with financial advice in an easy-to-understand format, and also allows users to compare prices and features for financial products and apply for them through its platform. The MoneySmart name originally belonged to the company's financial advice blog, which was later combined with its SmartLoan personal finance platform.
The company will use the new capital for development of new products, including mobile phone apps, according to a statement. It will also go towards marketing, raising brand awareness, and expanding into more territories in Asia.
MoneySmart has already made moves in this direction, having purchased Indonesia's DuitPintar, a similar service, in 2014. The company claims to have 1.5 million page views and 500,000 unique visitors per month, and also syndicates its content to popular portals such as MSN and Yahoo.
SPH operates newspapers, magazines, publishing houses, and radio stations, along with a digital advertising firm and a chain of convenience stores. Its investments are mostly media-related, including a $10 million round for digital newsstand Magzter, but it has branched out before, as when it led an $82.1 million round for Singapore's eBay subsidiary Giosis.
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