Southeast Asian full-stack fintech solutions provider Jirnexu today announced that it has closed its Series A with an additional US$1.5 million in funding, following the US$3 million raised in May 2016.
The latest funding round was led by existing investor DMP, with participation by new investors Gobi Partners and OSK Ventures International Berhad (OSKVI).
Bringing Jirnexu’s total funding since its seed round to US$6 million, the funding will be used to accelerate the development of the company’s technology solutions and implementation in its priority markets Malaysia and Indonesia.
The company also stated that it has begun embarking on its Series B, which is expected to be completed by early 2018.
“Apart from expediting our rollout of XpressApply in both markets, we will focus on developing a proprietary risk scoring capability to provide better matching of consumer risk profiles with lenders and insurers,” Jirnexu CEO Yuen Tuck Siew said in a press statement.
“Having solved the customer on boarding problem, Jirnexu is now looking at why the majority of consumers in Southeast Asia do 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,” he continued.
Jirnexu owns and operates financial comparison sites RinggitPlus in Malaysia and KreditGoGo in Indonesia.
The company provides full-stack technology to help banks and insurance companies manages the different stages of customer journey: marketing, acquisition, fulfillment, and retention.
Its proprietary platform XpressApply enables banks and insurance companies to offer unique value propositions to online and mobile-first consumers “efficiently and at scale.”
“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,” said Yuen Tuck Siew.
Jinerxu claims to have secured over one million visitors per month on its financial comparison sites, with a database of more than 550,000 consumers.
The company was founded in 2012 in Kuala Lumpur.
Its client list includes Citibank, HSBC, Standard Chartered, AIA, Zurich, Manulife, U4Life, and local banks BSN and RHB.
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