iMoney
{{lowercase}}
{{EngvarB|date=February 2015}}
{{Use dmy dates|date=February 2015}}
{{Infobox company
| name = iMoney
| logo =
| type = Private limited company
| founded = 2012
| founders = Bruno Araujo, 李清伟
| industry = Finance
| services = Financial services
| products = Credit cards, home loans, personal loans, health insurance, car insurance, broadband
| homepage = {{URL|https://www.imoney.my}}
| hq_location_city = Kuala Lumpur
| hq_location_country = Malaysia
| area_served = Malaysia
| key_people = See Wai Hun, CEO
}}
iMoney is a personal finance company running a comparison platform.{{Cite web|title=iMoney|url=https://www.imoney.my/|url-status=live|access-date=2021-07-07|website=iMoney.my|publisher=iMoney Malaysia|language=en|archive-date=15 March 2015|archive-url=https://web.archive.org/web/20150315003851/https://www.imoney.my/}}
Founded in 2012 by Lee qing 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|date=May 2021}}
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.{{Cite web|url=https://www.endeavormalaysia.org/people/Lee-Ching-Wei|title=Lee Ching Wei Profile | Endeavor Malaysia Endeavor Entrepreneurs|access-date=7 July 2021|archive-date=17 January 2021|archive-url=https://web.archive.org/web/20210117035341/https://www.endeavormalaysia.org/people/Lee-Ching-Wei|url-status=live}}
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.{{Cite web|url=https://www.asianentrepreneur.org/ching-wei-lee-co-founder-of-imoney/|title=Ching Wei Lee, co-founder of iMoney|date=23 September 2013|access-date=7 July 2021|archive-date=9 August 2020|archive-url=https://web.archive.org/web/20200809150354/https://www.asianentrepreneur.org/ching-wei-lee-co-founder-of-imoney/|url-status=live}}
By June 2012, iMoney.my was established with investments from angel investors.{{cite web|title=Ching Wei Lee, co-founder of iMoney|url=http://www.asianentrepreneur.org/ching-wei-lee-co-founder-of-imoney/|publisher=AsianEntrepreneur.org|date=23 September 2013|access-date=11 March 2015|archive-date=2 April 2015|archive-url=https://web.archive.org/web/20150402200659/http://www.asianentrepreneur.org/ching-wei-lee-co-founder-of-imoney/|url-status=live}}
=2013=
Exactly a year later, iMoney received US$500,000 in seed funding from Asia Venture Group.{{cite web|title=iMoney gets US$500K seed funding, targets SEA expansion|url=http://www.digitalnewsasia.com/sizzle-fizzle/imoney-gets-usd500k-seed-funding-targets-south-east-asian-expansion|publisher=www.digitalnewsasia.com|date=6 June 2013|access-date=11 March 2015|archive-date=2 April 2015|archive-url=https://web.archive.org/web/20150402101826/http://www.digitalnewsasia.com/sizzle-fizzle/imoney-gets-usd500k-seed-funding-targets-south-east-asian-expansion|url-status=live}} Later, they received a US$140,000 (RM500,000) grant from Cradle Fund — an agency under the Malaysian Ministry of Finance,{{cite web|title=Cradle offers iMoney with RM500,000 funding|url=http://www.thesundaily.my/news/753885|publisher=The Sun (Malaysia)|date=26 June 2013|access-date=11 March 2015|archive-date=2 April 2015|archive-url=https://web.archive.org/web/20150402165914/http://www.thesundaily.my/news/753885|url-status=live}} and US$2 million from a group of venture capital funds including Jungle Ventures and 500 Startups.{{cite web|title=Malaysia-Based iMoney Raises $2M Series A To Help Consumers Compare Financial Services|url=https://techcrunch.com/2013/10/24/malaysia-based-imoney-raises-2m-series-a-to-help-consumers-compare-financial-services/|publisher=TechCrunch|date=24 October 2013|access-date=25 June 2017|archive-date=19 December 2017|archive-url=https://web.archive.org/web/20171219221342/https://techcrunch.com/2013/10/24/malaysia-based-imoney-raises-2m-series-a-to-help-consumers-compare-financial-services/|url-status=live}}
In November 2013, iMoney.my entered into a regional collaboration with financial literacy provider MoneyTree.{{cite web|title=IMoney and MoneyTree enter collaboration|url=http://www.thestar.com.my/Business/SME/2013/11/11/IMoney-and-MoneyTree-enter-collaboration-Local-startups-set-sights-on-regional-expansion/?style=biz|work=The Star (Malaysia)|date=11 November 2013|access-date=11 March 2015|archive-date=2 April 2015|archive-url=https://web.archive.org/web/20150402101748/http://www.thestar.com.my/Business/SME/2013/11/11/IMoney-and-MoneyTree-enter-collaboration-Local-startups-set-sights-on-regional-expansion/?style=biz|url-status=live}}
=2014=
In June 2014, iMoney.my released a home loan calculator mobile application to help consumers apply for home loans directly from the app.{{cite web|title=iMoney releases Malaysia's first home loan calculator, with loan application feature|url=http://www.themalaysianinsider.com/business/article/imoney-releases-malaysias-first-home-loan-calculator-with-loan-application|publisher=The Malaysian Insider|date=25 September 2014|access-date=11 March 2015|archive-url=https://web.archive.org/web/20150402103228/http://www.themalaysianinsider.com/business/article/imoney-releases-malaysias-first-home-loan-calculator-with-loan-application|archive-date=2 April 2015|url-status=dead}}
In October 2014, iMoney.my announced a US$4 million investment from ASX listed entity iSelect Ltd.{{cite web|title=Australia-listed iSelect invests RM13mil in Malaysia's iMoney Group|url=http://www.thestar.com.my/Business/Business-News/2014/09/25/Australia-listed-iSelect-invests-RM13mil-in-Malaysia-iMoney-Group/?style=biz|work=The Star (Malaysia)|date=25 September 2014|access-date=11 March 2015|archive-date=2 April 2015|archive-url=https://web.archive.org/web/20150402094556/http://www.thestar.com.my/Business/Business-News/2014/09/25/Australia-listed-iSelect-invests-RM13mil-in-Malaysia-iMoney-Group/?style=biz|url-status=live}}{{cite web|title=iSelect Website|url=http://www.iselect.com.au/|access-date=2 September 2015|archive-date=1 September 2015|archive-url=https://web.archive.org/web/20150901064252/http://www.iselect.com.au/|url-status=live}}
=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.{{cite web|title=iMoney makes major management shifts|url=https://e27.co/malaysias-imoney-makes-major-management-shifts-ahead-new-round-20150917/|access-date=19 February 2016|archive-date=1 March 2016|archive-url=https://web.archive.org/web/20160301065855/https://e27.co/malaysias-imoney-makes-major-management-shifts-ahead-new-round-20150917/|url-status=live}}
=2017=
In October, iSelect, a financial comparison company listed on the Australian Securities Exchange, announced that it has acquired a majority stake of iMoney.{{Cite web|url=https://www.techinasia.com/iselect-controlling-stake-imoney|title = Tech in Asia - Connecting Asia's startup ecosystem}}
In the same year, iMoney launched 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|date=August 2020}}
=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.{{Cite web|url = https://www.theedgemarkets.com/article/imoneys-largest-shareholder-exits-company|title = IMoney's largest shareholder exits company|date = 3 August 2020|access-date = 7 July 2021|archive-date = 17 August 2020|archive-url = https://web.archive.org/web/20200817230705/https://www.theedgemarkets.com/article/imoneys-largest-shareholder-exits-company|url-status = live}}
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”.{{Cite web|url = https://juristech.net/juristech/juristech-acquires-personal-finance-company-imoney/|title = JurisTech Acquires Personal Finance Company, iMoney • JurisTech|date = 26 August 2020|access-date = 7 July 2021|archive-date = 27 February 2021|archive-url = https://web.archive.org/web/20210227123229/https://juristech.net/juristech/juristech-acquires-personal-finance-company-imoney/|url-status = live}}
Locations
The company is headquartered in Bangsar South, Kuala Lumpur, in the same venue as its parent company, JurisTech.{{cite web|title=Malaysia's iMoney spreads tentacles across Asia|url=http://www.themalaysianinsider.com/business/article/malaysias-imoney-spreads-tentacles-over-asia|publisher=The Malaysian Insider|date=23 July 2013|access-date=11 March 2015|archive-url=https://web.archive.org/web/20150308104846/http://www.themalaysianinsider.com/business/article/malaysias-imoney-spreads-tentacles-over-asia|archive-date=8 March 2015|url-status=dead}}