Singapore's DollarsandSense Acquires Insuretech Startup Fundmylife
Singapore’s personal finance website DollarandSense has acquired a local insuretech company Fundmylife, the company announced today. With this acquisition, the DollarsandSense is aiming to provide an expert financial advice to Singaporeans. According to company, Singaporeans are looking for financial planning knowledge, which can be achieved by this acquisition. The amount of the deal was not disclosed by the company.
Founded in 2012, DollarsAndSense is a publication based in the island nation, focused on creating “timely, relevant, and useful information on personal finance matters presented for the ordinary Singaporean in a bite-sized, interesting, and enjoyable manner”.
On the other hand, Fundmylife, provides 360 degree view on financial planning for everyone whether you’re an intern, a working adult or a married individual. Founded in 2017, Fundmylife has slowly built its professional reputation in the finance consulting market.
Both the companies were reportedly working together prior to the acquisition. DollarsAndSense has been working closely with fundMyLife on areas like affiliate partnerships, content marketing, and improving engagement with the financial adviser community.
Speaking about the acquisition, Timothy Ho, co-founder and managing editor of DollarsandSence says, “I believe the acquisition of fundMyLife this will lead to better outcomes for both consumers and financial advisors. We are committed to make this platform a success for everyone involved.”
“For financial advisors, they can focus on what they do best – provide good financial advice and to service their clients – rather than spending unnecessary time trying to get leads inefficiently,” he adds in its statement to press.
While Fundmylife’s co-founder Jackie Tan says, “DollarsAndSense brings their expertise in creating original content in the personal finance space, joined with strong branding and reach. I believe fundMyLife will achieve its growth potential in the coming months as a result of this partnership.”
The ulterior motive of both the companies is to provide the best financial knowledge to people in Singapore.
How financial advisers can utilize the platform? The company claims the advisers can use the platform to access leads of potential customers and make a portfolio alongside client testimonials. It also allows these advisers to value-add for prospects, who have already shown an intent to make a financial planning decision, rather than offering those who are still in the stage of deciding the need for insurance.
While the founders of FundmyLife will be on board to ensure its continuity and aid a seamless transition, the company has plans to expand its presence in the fintech sector of Southeast Asia.