Jirnexu, a Malaysia-based fintech startup, announced this week it has secured $1.5 million during its Series A funding round, which was led by existing investor DMP with participation from Gobi Partners and OSK Ventures International Board. The company stated that it enables banks, insurance companies, and service providers to think mobile-first and innovate the way they generate leads online, turn those leads into customers, handle their fulfillment, and keep the customer loyal.
“Jirnexu made its start in 2012 in Kuala Lumpur when the company’s co-founders met and realised that they share a mutual passion for giving individuals the financial advice and tools they needed to spend money wisely. In the Malaysian market, more and more people were applying for credit cards and loans than ever before, which was a boon for the FSI industry. What was missing for the banks and insurance companies was a way to move this application process online to expand the reach of their campaigns, reduce high acquisition costs, and differentiate themselves by offering customers a brand new level of convenience. Security was a concern and very few banks had a digital strategy at that point. The Jirnexu founders identified this gap in the online market and set about creating a solution that would allow FSIs to leverage the power of a digital acquisition channel, while simultaneously giving consumers an accessible system for keeping more money for themselves from each online financial service transaction they make.”
Following the closing of the Series A funding round, Jirnexu reportedly announced it is now planning to launch its Series B funding round soon. The company plans to use the funds raised to finance its financial aggregator RinggitPlus.com. Yuen Tuck Siew, CEO of Jirnexu, reportedly stated:
“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. 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.”
Jirnexu also owns and operates KreditGoGo in Indonesia.