A Kuala Lumpur-based fintech customer acquisition company, Jirnexu, announced today it has raised a US$3 million Series A funding led by Singapore VC firm DMP.
Other investors include Celebes Capital from Indonesia, Japan’s NTT DOCOMO Ventures, Singaporean VC Nullabor and Anfield Equities (Malaysia).
Furthermore, the name of an involved private investors will stand out as PropertyGuru’s Co-founder and CEO Steve Melhuish contributed to the Series A.
The company wants to go through aggressive hiring and double the team by the end of 2016. It also plans on building its Senior Management teams in Indonesia and Malaysia.
Today’s news brings the company’s total funding to US$4.5 million.
Jirnexu targets banks, telecommunications companies and insurance forms to provide them with the necessary technology to manage the lifecycle of customer acquisition and retention.
The principal technology for the company is a full-stack product called XpressApply, which is a digital workflow management and CRM system. The company claims it has delivered customer conversation rates at a 200 per cent higher rate than telemarketing and traditional lead generation techniques.
In the second half of 2016 Jirnexu plans to offer XpressApply for the B2B vertical.
“Financial service institutions in Southeast Asia still rely on labour intensive customer acquisition practices. Expensive telesales, hard to manage direct sales agents, paper forms, long queues at bank branches, high rejection rates for minor errors – all of these make acquiring customers slow, inefficient and costly,” said Jirnexu CEO Yuen Tuck Siew in an official statement.
Notable companies in lead investor DMP’s portfolio are migme, 2C2P, Codapay and WearYouWant.
“Financial institutions operating in emerging markets have traditionally struggled with digital customer acquisition. In our view, Jirnexu has proven its ability to address this pain point, and has done so by building a full technology stack that manages the entire customer journey,” said Dmitry Levit, Partner at DMP in a statement.
Jirnexu was founded in 2012 and pivoted away from its original iteration as a financial comparison website for Malaysians.