iSelect has taken a controlling stake in Malaysian financial services comparator Intelligent Money (iMoney), to extend its reach to southeast Asia’s growing middle class.

The Australian comparator bought $US4.15 million ($5.3 million) of stock from other shareholders to raise its stake from 23.8% to 51.5%, and will put in another $US4 million ($5.1 million) to support iMoney’s growth plans.

iSelect first invested three years ago in the Kuala Lumpur-based comparator, which has operations in Malaysia, Singapore, Indonesia and the Philippines – markets with almost 200 million internet users combined. iMoney compares insurance, credit cards, loans and broadband and has more than 10.4 million unique visitors a year.

“The countries iMoney operates in are… in the world’s fastest-growing region, and feature a rapidly expanding credit and technology savvy middle class,” iSelect CEO and MD Scott Wilson said.

“iMoney is now set to reach scale and ubiquity as the leading destination for financial services comparison.”

Mr Wilson will become Chairman of iMoney when the transaction is completed over the next three months.