Kuala Lumpur-based Jirnexu has announced a $2m pre-Series B, just seven months after closing its Series A round.
SBI Group led the new round with participation from Cento Ventures and Celebes, taking the company’s total funding to $8m. Back in March, Jirnexu closed its Series A round with $4.5m in the bank, 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. Its XpressApply platform helps financial institutions claims to allow institutions to reach online and mobile-first consumers. The startup also claims it can help banks increase ROI on marketing investment by up to 300% by doubling conversions and productivity.
Jirnexu 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.
Malaysia’s blossoming FinTech sector has seen a wave of deals in the last few months. Payments provider Soft Space raised $5m in a Series A round from Japanese e-commerce solution Transcosmos. CapitalBay reportedly picked up a $477,000 funding round from KK Fund, and iMoney landed $4.15m from Australia-listed financial comparison company iSelect. Malaysia-based HelloGold is also in the process of raising $9.6m in its ICO, which will help the company achieve its global financial inclusion aim.
FinTech Investments in Asia have been gradually increasing since 2014 according to data by FinTech Global. In 2014 $3.8bn was invested in the region, however, in 2017 YTD Asia’s total FinTech deals grew to $11bn. This year is still some way off reaching the 2016 high of $14.5bn according to the data.
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