iPrice Group raises $5 million from Japanese conglomerates Itochu Corporation and KDDI Corporation

iPrice Group Management Team

iPrice Group Management Team

KUALA LUMPUR, Malaysia, March 22, 2022 (GLOBE NEWSWIRE) — iPrice Group, Southeast Asia’s leading price comparison platform helping online shoppers save money, today announced that it has raised $5 million in additional funding.

Capital was raised from Japanese companies Itochu Corporation and KDDI Open Innovation Fund III (managed by Global Brain Corporation).

The additional funding will strengthen iPrice’s role in finding the best deals for buyers as the Southeast Asian e-commerce market becomes increasingly difficult to navigate.

A report by Facebook and Bain & Company indicates that in 2021, the number of platforms used by SEA digital consumers has steadily increased to 7.9 websites per user on average, almost 52% more than in 2020 .

This trend creates an increased need for an organized catalog to provide transparency across platforms and help users save money across multiple markets. iPrice meets this need by bringing together the best deals from over 7 billion products and 8 million sellers on a single platform.

“In addition to comparing products, prices, seller reputations and delivery terms, we are continually deepening our expertise to help buyers in a variety of ways – whether it’s aggregating seller vouchers, creating an app that alerts users to price drops for desired products or to find the cheapest loans to fund their purchases,” said iPrice Group CEO Paul Brown-Kenyon.

As the latest addition, iPrice has recently launched a Price Watch service allowing users in Indonesia to receive price drop alerts for their desired products directly on the iPrice app. The service will continue to roll out to Singapore, the Philippines, Malaysia, Vietnam and Thailand throughout 2022.

With this new financing, iPrice will extend its services to the loan market by helping users find not only the best e-commerce deal, but also the best consumer loans to finance their purchases. A Google report predicts that digital lending will reach $92 billion in transactions by 2025 due to its current acceleration in Southeast Asia, and the leading comparison platform intends to meet consumer demand.

That said, iPrice is excited to welcome Itochu as part of the cap table. Although known for its business operations, Itochu has extensive experience in lending and operates a lending business in Indonesia under the Payku brand.

“We are excited to be able to leverage our investors’ extensive lending experience. The first step in our strategic cooperation will be to add Itochu subsidiary Payku as a key lending partner in Indonesia. Their expertise will be vital as we move further into the credit market,” added Brown-Kenyon.

Besides Payku, iPrice’s other lending partners include Home Credit (Indonesia), Julo (Indonesia), Cashalo (Philippines), Smartpay (Vietnam) and ZIP (Singapore, launching in the first half of 2022).

iPrice Group is Southeast Asia’s leading online shopping companion, operating in seven Southeast Asian countries, namely Malaysia, Singapore, Indonesia, Thailand, Philippines, Vietnamand hong kong.

Media Contacts

Isabelle Karina C. Romualdez: [email protected]

Jeremy Chew: [email protected]

Related Images

Image 1: iPrice Group Management Team

(LR) Paul Brown-Kenyon, CEO, David Chmelař, co-founder and executive vice president and Heinrich Wendel, co-founder, CTO and CPO.

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Luisa D. Fuller