Fintech startup Jirnexu raises US$2 million in pre-Series B round

KUALA LUMPUR: Fintech startup Jirnexu, Southeast Asia’s only full stack fintech solutions provider, has raised US$2 million in a pre-Series B round.

Japan-based SBI Group will work with Jirnexu to consolidate its leadership in Malaysia and expand their regional footprint by accelerating the development of new products and services.

SBI Group, a financial services company and a pioneer in internetbased financial services, led the latest round, joined by existing investors, Celebes and Cento Ventures, Jirnexu said in a statement.

This brings Jirnexu’s total funding to US$8 million.

SBI Group is bringing over 18 years of experience in developing an internet- based financial ecosystem in Japan.

Jirnexu provides financial service institutions (FSIs) -- banks and insurance companies -- with a full stack solution to effectively increase sales by attracting, retaining and monetising connected consumers.

Jirnexu’s fintech solution is driven by XpressApply, a proprietary data-driven platform that enables FSIs to reach online and mobile-first consumers.

With over half of all consumer banks in Malaysia already signed onto XpressApply, the technology has enabled Jirnexu’s clients to achieve 300 per cent return on investment (ROI),while tripling productivity per headcount and doubling conversions compared with traditional methods.

Jirnexu chief executive officer Yuen Tuck Siew said: “Since closing our Series A in March 2017, Jirnexu has continued to dominate the market, with our core technology as a key driver.

“Serving consumer banks with a combined market share of 80 per cent, we offer Malaysians the widest range of online banking and insurance products.

“Having more than doubled the numberof distributionagreements with banks and insurers this year, Jirnexu is on track to reach cash flow breakeven by 2018.”

Siew said: “Our goal is to help banks and insurance companies stay competitive in the digital era by increasing the efficiency, scalability, and security of digital sales channels, as well as providing a single platform to integrate each step in delivering financial services. ”

Jirnexu recently partnered with RHB Bank to introduce Southeast Asia’s first real-time messengerstyle chatbot for online personal loan applications.

With the chatbot, RHB Bank aims to grow its personal loan disbursement by 60 per cent by year-end.

Nazri Othman, Head of Group Retail Banking (Acting) at RHB Banking Group said: “In line with our shared vision of increasing access to financial services through digital innovation, we have worked with RinggitPlus to enable Malaysians to access RHB loans anytime, anywhere.”

Ryosuke Hayashi, CEO and managing director of SBI Ven Capital, the Southeast Asian headquarters of SBI Group, said: “Jirnexu has distinguished itself as a market leader that provides real value to FSIs and its customers.” — Bernama