Having mentioned plans to raise its Series B funding round in 2018, Malaysia-based fintech startup Jirnexu today announced that it has raised a US$2 million in pre-Series B funding round led by Japan-based financial services company SBI Group.
Existing investors Celebes Capital and Cento Ventures (formerly known as DMP) also participated in the current round, which brings the company’s total funding to US$8 million.
Founded in 2012, Jirnexu owns and operates financial comparison sites KreditPlus in Malaysia and KreditGoGo in Indonesia. The company offers full-stack technology to help banks and insurance companies manages the different stages of customer journey, from marketing to retention, by using a data-driven platform named XpressApply.
In an email to e27, Jirnexu CEO Yuen Tuck Siew explained that the company plans to use the new funding to further develop the XpressApply technology.
“Funding for this round will be used to consolidate our leadership in Malaysia, and accelerate the development of new products and services to help more financial service institutions (FSIs) to innovate and reach under-served consumers,” he wrote.
“In the coming year, Jirnexu will be launching new developments in our proprietary technology XpressApply. We will be working closely with insurance companies to roll out live quote and purchase features for insurance products, a significant step toward addressing Malaysia’s insurance protection gap. We’ll be expanding our chatbot technology to offer a live chat experience for multiple financial products, and to enable FSIs at various stages of digital transformation to manage a true omnichannel campaign across messaging platforms, tele-assist and live-assist support, etcetera,” he explained further.
When it comes to plans for the year 2018, the CEO said that the company is embarking its Series B funding round, which is expected to be closed on mid-2018.
He also stated that Jirnexu is “on track” to achieve cash flow break-even next year.
Jirnexu raised a US$3 million Series A funding round in May 2016, followed by an additional US$1.5 million in March this year.
The startup has pivoted from its initial form of a price comparison site for Malaysian market.