CompareHero is staying strong in their position as a personal finance management platform after securing another round of funding led by IFC. The company gained access to US$50 million in funding for their Series B, paying towards development of CompareHero.my and CompareAsiaGroup.

Part of the World Bank Group, this round of investment is led by the IFC, as well as additional investors Alibaba Entrepreneurs Fund, SBI Group and H&Q Utrust, Goldman Sachs Investment Partners VC and Growth Equity, Nova Founders Capital, ACE & Company and Route 66 Ventures.

Taking advantage of its blog and comparison tables, CompareHero aims to improve financial literacy and inclusion in Malaysia. Currently, while Malaysia’s e-commerce market is rapidly growing, consumers still prefer cash payments. According to statistics from the World Bank and Standard & Poor’s study, only 8 million credit cards are in circulation and only 1 in 3 Malaysians is considered financially literate.

Since its launch, the website has provided free financial advice for the internet population, helping consumers pick the right financial products. CompareHero also provides advisers on the phone, helping users find credit cards that best suit their needs.

The funding will be used to continue improving user experience by simplifying the process of finding, comparing, getting and managing banking and insurance products. CompareHero.my will further develop its proprietary technology and continue to expand its team.