The Hyphen Group, formerly known as CompareAsiaGroup, announced that it has closed a new US$20 million investment round led by technology company PCCW.

While further details were not disclosed, a PCCW filing with the Hong Kong Stock Exchange suggests that the group contributed US$11.4 million to the sum.

Hyphen Group’s announcement also mentions the involvement of existing shareholders and that the funding round sees PCCW joining the company’s board.

Founded in 2014, the company started off as an online financial comparison platform before rebranding and evolving into a comprehensive financial management platform for consumers.

“Extremely pleased to share the news of our latest round of funding and warmly welcome PCCW to the board of Hyphen Group. This latest round will help us accelerate the path to profitability while we continue to deliver on our mission to empower and connect people to a better financial future,”

said Prashant Aggarwal, President at Hyphen Group.