CompareAsiaGroup, the largest financial marketplace in Asia, has appointed Sam Allen as its Chief Executive Officer (CEO). Allen is set to strengthen the executive team ahead of a large Series B round and to lead the company through the next stage of growth.
The appointment strengthens CompareAsiaGroup’s position as Asia’s leading comparison platform for personal financial services such as credit cards, loans, health and car insurance. The comparison sites are free to use, provide users with a quick and easy comparison experience, and deliver an independent and impartial overview of the market.
Speaking on his decision to join CompareAsiaGroup after 9 years in private equity with KKR, where he set up their Asian presence, Sam Allen said: “CompareAsiaGroup has demonstrated incredible user and provider growth, and I am delighted to see how quickly users across Asia have recognized the value of this new technology and opportunity. The company has grown tremendously since its inception and I am very excited to join this dynamic team to further grow the company.”
As the largest financial comparison platform in Asia, CompareAsiaGroup already operates comparison sites in eight markets covering over half a billion people. The company already helps 20 million users annually find the right financial products and services that best match their needs, while also offering banks, insurers and telcos a new channel to reach potential customers.
Terence Ting, a Managing Director at Goldman Sachs, said: “We are pleased with CompareAsiaGroup’s continued growth trajectory. The appointment of a CEO of Sam’s caliber clearly further enhances the company’s ability to successfully invest and execute on its business plan.”
“With Sam’s deep experience in the region and proven ability to deliver results in both executive and operational roles, Sam is the perfect fit to take us from Series B to IPO,” said Mads Faurholt-Jorgensen, Managing Partner at Nova Founders Capital. “In addition to his experience, we are excited to see the energy, professionalism and drive that Sam brings to the team.”
Leading banks and insurance companies are working with CompareAsiaGroup to reach new customers while reducing their overall customer acquisition costs. CompareAsiaGroup is targeting an estimated US$52 billion market, which is the current marketing and customer acquisition spend of financial products providers across its target markets in Asia.
CompareAsiaGroup works with over 60 market-leading brands including American Express, HSBC, Citibank, Standard Chartered, and MSIG. CompareAsiaGroup sites are currently operating in Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Taiwan, Thailand, and Vietnam.
CompareAsiaGroup closed their US$40 million Series A last year led by Goldman Sachs and including major institutions such as Jardine Pacific, Nova Founders Capital, ACE & Company, and Route 66 Ventures alongside renowned Silicon Valley veterans Peter Thiel, Mark Pincus, and Owen Van Natta as well as Tom Stafford of DST.