Malaysian fintech startup Jirnexu closes $1.5M in Series A funding, lays out plans for Series B

Malaysian fintech company Jirnexu announced that it has closed Series A funding round with additional $1.5 million, following the $3 million that was raised in earlier in the round in H1 2016.

Bringing to a total funding to date to $6 million, including seed funding round, the latest funding round was led by existing investor DMP, with participation by new investors Gobi Partners and OSK Ventures International Bhd (OSKVI).

With the closing of Series A funding round, the fintech startup has embarked on its next funding Series B round, with a target to complete the round by early 2018. Jirnexu intends to use the money raised, to finance RinggitPlus.com, Jirnexu’s online financial aggregator in Malaysia.

The full stack technology of Jirnexu provides banks and insurance companies with a solution that manages every stage of the customer journey, including marketing, acquisition, fulfillment, and retention.

The company’s proprietary platform, XpressApply, helps banks increase return on marketing investment by up to 300 percent by doubling conversions and productivity. This is aimed at disrupting conventional methods of selling banking and insurance products, thus enabling financial institutions to offer unique value propositions to online and mobile-first consumers efficiently and at scale.

“RinggitPlus.com has grown to be Malaysia’s largest digital customer acquisition channel for banks, attracting more visitors than all other comparison sites combined. By leveraging XpressApply, banks in Malaysia have digitally issued over 40,000 credit cards and disbursed over RM150 million worth of unsecured personal loans to-date,” Yuen Tuck Siew, CEO of Jirnexu, stated. “Having solved the customer on boarding problem, Jirnexu is now looking at why the majority of consumers in Southeast Asia does not have access to credit, and are either uninsured or underinsured. Our technology platform and customer data analytics uniquely positions Jirnexu to solve fundamental challenges with financial inclusion.”

The fintech startup owns and operates RinggitPlus in Malaysia and KreditGoGo in Indonesia. Jirnexu’s financial comparison sites see more than one million visitors per month, with a database of more than 550,000 consumers.