Malaysia’s Jirnexu raises $1.5 million for fintech software

ENTREPRENEUR

Malaysia’s Jirnexu raises $1.5 million for fintech software program program

Tags: Fintech, Gobi Partners, Jirnexu, OSK Ventures, Yuen Tuck

Malaysia's Jirnexu

Above: Malaysia's Jirnexu

Image Credit score rating: Jirnexu

Malaysian fintech startup Jirnexu has raised $1.5 million in funding from DMP, Gobi Companions, and OSK Ventures Worldwide Berhad (OSKVI).

That brings the Kuala Lumpur-based agency’s full funding thus far to $6 million.

Jirnexu’s full stack experience provides banks and insurance coverage protection corporations with a solution that manages every stage of the consumer journey, along with promoting, acquisition, achievement, and retention. The company counts amongst its prospects world and regional financial institutions corresponding to Citibank, HSBC, Regular Chartered, AIA, Zurich, Manulife, and U4Life, along with native banks BSN and RHB.

Product sales commissions for shopper banking and insurance coverage protection merchandise in Southeast Asia alone are worth $25 billion per yr, in accordance with market researcher Sigma Evaluation. Jirnexu may also be specializing in the $35 billion worth of multi-channel and distribution financial experience budgets in Europe and the Middle East with a white-label reply.

XpressApply, Jirnexu’s proprietary platform, is aimed towards disrupting typical methods of selling banking and insurance coverage protection merchandise, enabling financial institutions to produce distinctive price propositions to on-line and mobile-first consumers successfully and at scale. It moreover affords analytics for centered strategies to fulfill and maximize the price of a client relationship over a number of years. XpressApply helps banks enhance return on promoting funding by as a lot as 300 p.c by doubling conversions and productiveness.

Jirnexu will use the money to finance RinggitPlus.com, Jirnexu’s on-line financial aggregator in Malaysia. The funds will pace up the occasion of its experience choices and implementation in its priority markets: Malaysia and Indonesia.

Yuen Tuck Siew, CEO of Jirnexu, talked about, “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, govt director of OSKVI, talked about in a press launch, “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 comparability web sites see over 1 million company month-to-month, with a database of higher than 550,000 consumers. The company has higher than 100 employees.