iMoney gets US$155,000 grant from Cradle

• KL-based startup also awarded MSC status, grown from 3 to 40 staff members in a year
• iMoney setting out to challenge the way consumer banking is conducted today, says Cradle

MALAYSIA’S financial comparison website iMoney has received RM500,000 (US$155,070) worth of funding from the Cradle Investment Programme (CIP), a Malaysian Government initiative operated by Cradle Fund Sdn Bhd to support local technology entrepreneurs.

iMoney had earlier received US$500,000 in seed funding from Asia Venture Group, the startup said in a statement, and was also recently awarded Multimedia Super Corridor (MSC Malaysia) status.

iMoney helps consumers compare and apply for financial products and services online.
 
“We would like to thank Cradle for the immense support it has shown us.” said iMoney founder Ching Wei Lee (pic).
 
“We started off with just a team of three, sharing a collective vision to simplify financial matters for consumers.
 
“And now we are a company of close to 40 staff and are backed by Cradle, all in the space of about a year.
 
“Cradle’s support has now given us greater incentives to continue pursuing our objective – which is to be the No 1 destination for financial matters for people across the South-East Asia region,” he added.
 
Operating from its head office in Kuala Lumpur, iMoney currently provides both online and offline financial services for free to general consumers. These services include comparison and application services for personal loans, home loans, car loans, credit cards and other common banking products such as savings and fixed deposit accounts.
 
iMoney said it has also created a large library of financial-related content, aimed at educating the general public.
 
“iMoney showed us an exciting possibility – it set out to challenge the way consumer banking is conducted today, and to drive a new paradigm in the way consumers deal with banks,” said Nazrin Hassan, chief executive officer of Cradle, which operates under Malaysia’s Ministry of Finance.
 
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