Full-stack FinTech provider Jirnexu closes Series A with $4.5m

Kuala Lumpur-based FinTech provider Jirnexu has closed its Series A round with $4.5m in the bank.

The round is finishing up with a $1.5m investment following on from the $3m Jirnexu raised in May 2016.

Singapore-based DMP VC led the round with new backers Gobi Partners and OSK Ventures International also participating.

Jirnexu offers full-stack technology for banks and insurance companies to manage the customers journey across marketing, acquisition, fulfilment and retention.

The company’s XpressApply platform is designed to help financial institutions to offer unique value propositions to online and mobile-first consumers efficiently and at scale.

It claims banks increase ROI on marketing investment by up to 300% by doubling conversions and productivity.

The firm counts international financial services firms such as Citibank, HSBC, Standard Chartered, AIA and Zurich among its clients as well as local banks BSN and RHB.

Jirnexu CEO Yuen Tuck Siew outlined how the company aims to invest the capital and said: “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.

“Having solved the customer on boarding problem, Jirnexu is now looking at why the majority of consumers in South-East Asia do not have access to credit, and are either uninsured or underinsured.”

Jirnexu also operates financial price comparison aggregator RinggitPlus.com.

The new capital brings Jirnexu’s total funding to $6m and it says it will now begin raising a Series B. It expects to close this new round in early 2018.

Copyright © 2017 FINTECH GLOBAL

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