Jirnexu, a full stack FinTech solution developer, has closed an $11m Series B funding round led by existing backer SBI Group.
SIG Asia Investments, a new investor in Jirnexu, also contributed to the series.
Malaysia-based Jirnexu uses its XpressApply technology to automate marketing, sales and delivery of financial products for financial institutions and insurers. Its technology offers organisations with customer acquisition and lifecycle management solutions.
The platform is integrated with consumer-facing online financial aggregators (OFA) to provide banking, life insurance and general insurance product comparison. In Malaysia its OFA is RinggitPlus and in Indonesia it is KreditGoGo.
Last year, the company formed a partnership with RHB Bank to create a chatbot for processing online personal loans. The solution, which helps connect financial institutions with consumers through messaging apps, will be launched for five more FIs, Maybank, Public Bank, AEON, UOB, and RinggitPlus.com.
The company has seen a 100 per cent YoY growth, according to Jirnexu. With this new batch of funding, Jirnexu will look to hire more senior technical and digital staff members.
Jirnexu CEO Yuen Tuck Siew said, “The next stage of our technology roadmap will address continuing pains points for FSIs, including consumer digital identification and eKYC (electronic know your customer), enabling us to provide highly personalised and relevant financial products anytime, anywhere. In the coming year, Jirnexu will automate digital risk assessment and customer verification, processes that are hindered by a lack of data and manual, paper-based methods.”
This capital injection brings the company’s total funding efforts to $17m. Last year, the company picked up a $2m pre-Series B investment led by SBI Group, and contributions from Cento Ventures and Celebes.
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