IMoney

Last updated

iMoney
Type Private limited company
Industry Finance
Founded2012
FoundersBruno Araujo, Ching Wei Lee
Headquarters
Kuala Lumpur
,
Malaysia
Area served
Malaysia
Key people
See Wai Hun, CEO
Products Credit cards, home loans, personal loans, health insurance, car insurance, broadband
ServicesFinancial services
Website www.imoney.my

iMoney is a personal finance company running a comparison platform. [1]

Contents

Founded in 2012 by Lee Ching Wei, iMoney has since worked with over 50 financial services partners including banks, government bodies, and fintech companies to help build financial literacy in consumers. [ citation needed ]

Since August 2020, iMoney has been a part of JurisTech, a Malaysian-based fintech company which specializes in software for banks, financial institutions, insurance providers and telecommunications companies in Malaysia, Southeast Asia, and beyond.

History

2012

In early 2012, Lee Ching Wei ("Ching"), co-Founder of iMoney quit his investment banking job in Melbourne, gave up an Australian permanent residency permit and returned home to Malaysia. [2]

The idea for iMoney formed as Ching went from bank to bank in attempt to compare and apply for a suitable savings account and credit card. Upon finding the comparison process tedious and full of financial jargon, Ching decided to pursue the idea of launching a platform that will help consumers like himself compare and apply for personal financial products. [3]

By June 2012, iMoney.my was established with investments from angel investors. [4]

2013

Exactly a year later, iMoney received US$500,000 in seed funding from Asia Venture Group. [5] Later, they received a US$140,000 (RM500,000) grant from Cradle Fund — an agency under the Malaysian Ministry of Finance, [6] and US$2 million from a group of venture capital funds including Jungle Ventures and 500 Startups. [7] In November 2013, iMoney.my entered into a regional collaboration with financial literacy provider MoneyTree. [8]

2014

In June 2014, iMoney.my released a home loan calculator mobile application to help consumers apply for home loans directly from the app. [9] In October 2014, iMoney.my announced a US$4 million investment from ASX listed entity iSelect Ltd. [10] [11]

2015

In September 2015, iMoney's Co-Founder and Chief Revenue Officer (CRO) Bruno Araujo stepped up as Chief Operations Officer (COO). In addition to that, Mitul Lakhani was brought in as CFO and Amanda Woo took on the CMO post. Chris Antonius joined the team as Managing Director for iMoney's Indonesian property Aturduit. [12]

2017

In October, iSelect, a financial comparison company listed on the Australian Securities Exchange, announced that it has acquired a majority stake of iMoney. [13]

In the same year, iMoney launched the iMoney CreditScore in Malaysia to allow people to check their credit score online for free - one of the first companies to do so. This facility is powered by Experian (formerly known as RAM Credit Information), a credit bureau agency.[ citation needed ]

2018

Mitul Lakhani stepped up as the Group CEO, while Ching, the Founder of iMoney took up the Chief Innovation Officer post.

2020

iSelect, iMoney's largest shareholder, announced that it will be exiting the company. Citing the financial impact of COVID-19, iSelect sold its stake to one of the iMoney founders. [14]

By the end of August, JurisTech, a Malaysian-based fintech company, announced that it has acquired iMoney for an undisclosed sum. Commenting on the acquisition, Ching said, "With the technology capabilities of JurisTech, we can now provide a better experience to consumers including more refined product matching capabilities and improve customer journey to make applying financial products easier”. [15]

Locations

The company is headquartered in Bangsar South, Kuala Lumpur, in the same venue as its parent company, JurisTech. [16]

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References

  1. ↑ "iMoney". iMoney.my. iMoney Malaysia. Archived from the original on 15 March 2015. Retrieved 7 July 2021.
  2. ↑ "Lee Ching Wei Profile | Endeavor Malaysia Endeavor Entrepreneurs". Archived from the original on 17 January 2021. Retrieved 7 July 2021.
  3. ↑ "Ching Wei Lee, co-founder of iMoney". 23 September 2013. Archived from the original on 9 August 2020. Retrieved 7 July 2021.
  4. ↑ "Ching Wei Lee, co-founder of iMoney". AsianEntrepreneur.org. 23 September 2013. Archived from the original on 2 April 2015. Retrieved 11 March 2015.
  5. ↑ "iMoney gets US$500K seed funding, targets SEA expansion". www.digitalnewsasia.com. 6 June 2013. Archived from the original on 2 April 2015. Retrieved 11 March 2015.
  6. ↑ "Cradle offers iMoney with RM500,000 funding". The Sun (Malaysia). 26 June 2013. Archived from the original on 2 April 2015. Retrieved 11 March 2015.
  7. ↑ "Malaysia-Based iMoney Raises $2M Series A To Help Consumers Compare Financial Services". TechCrunch. 24 October 2013. Archived from the original on 19 December 2017. Retrieved 25 June 2017.
  8. ↑ "IMoney and MoneyTree enter collaboration". The Star (Malaysia) . 11 November 2013. Archived from the original on 2 April 2015. Retrieved 11 March 2015.
  9. ↑ "iMoney releases Malaysia's first home loan calculator, with loan application feature". The Malaysian Insider. 25 September 2014. Archived from the original on 2 April 2015. Retrieved 11 March 2015.
  10. ↑ "Australia-listed iSelect invests RM13mil in Malaysia's iMoney Group". The Star (Malaysia) . 25 September 2014. Archived from the original on 2 April 2015. Retrieved 11 March 2015.
  11. ↑ "iSelect Website". Archived from the original on 1 September 2015. Retrieved 2 September 2015.
  12. ↑ "iMoney makes major management shifts". Archived from the original on 1 March 2016. Retrieved 19 February 2016.
  13. ↑ "Tech in Asia - Connecting Asia's startup ecosystem".
  14. ↑ "IMoney's largest shareholder exits company". 3 August 2020. Archived from the original on 17 August 2020. Retrieved 7 July 2021.
  15. ↑ "JurisTech Acquires Personal Finance Company, iMoney • JurisTech". 26 August 2020. Archived from the original on 27 February 2021. Retrieved 7 July 2021.
  16. ↑ "Malaysia's iMoney spreads tentacles across Asia". The Malaysian Insider. 23 July 2013. Archived from the original on 8 March 2015. Retrieved 11 March 2015.
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