Malaysian fintech startup Jirnexu has raised $1.5 million in funding from DMP, Gobi Partners, and OSK Ventures International Berhad (OSKVI).
That brings the Kuala Lumpur-based company’s total funding to date to $6 million.
Jirnexu’s full stack technology provides banks and insurance companies with a solution that manages every stage of the customer journey, including marketing, acquisition, fulfillment, and retention. The company counts among its customers global and regional financial institutions such as Citibank, HSBC, Standard Chartered, AIA, Zurich, Manulife, and U4Life, as well as local banks BSN and RHB.
Sales commissions for consumer banking and insurance products in Southeast Asia alone are worth $25 billion per year, according to market researcher Sigma Research. Jirnexu is also targeting the $35 billion worth of multi-channel and distribution financial technology budgets in Europe and the Middle East with a white-label solution.
XpressApply, Jirnexu’s proprietary platform, is aimed at disrupting conventional methods of selling banking and insurance products, enabling financial institutions to offer unique value propositions to online and mobile-first consumers efficiently and at scale. It also offers analytics for targeted strategies to fulfill and maximize the value of a consumer relationship over many years. XpressApply helps banks increase return on marketing investment by up to 300 percent by doubling conversions and productivity.
Jirnexu will use the money to finance RinggitPlus.com, Jirnexu’s online financial aggregator in Malaysia. The funds will accelerate the development of its technology solutions and implementation in its priority markets: Malaysia and Indonesia.
Yuen Tuck Siew, CEO of Jirnexu, said, “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.”
Patrick Yee, executive director of OSKVI, said in a statement, “Jirnexu has proven its ability to leverage technology to scale its business model in emerging markets where fintech innovation is increasingly important. We are pleased to be on board this journey towards enhancing fintech innovations and offerings in the region.”
Jirnexu owns and operates RinggitPlus in Malaysia and KreditGoGo in Indonesia. Its financial comparison sites see over 1 million visitors per month, with a database of more than 550,000 consumers. The company has more than 100 employees.