Malaysian fintech Jirnexu raises $10m Series B extension led by Experian

(L-R) Jirnexu co-founder Liew Ooi Hann, co-founder and CEO Yuen Tuck Siew, Experian CEO for Asia Pacific Ben Elliott with Southeast Asia and emerging markets managing director Dev Dhiman.

Malaysian fintech startup Jirnexu has raised a $10-million Series B extension round led by global information services provider Experian, it said in a statement on Monday.

Existing investor SBI Group, which led Jirnexu’s $11-million Series B round in mid-May, also joined the extension financing. The latest round brings the startup’s total funding amount to over $27 million. It owns and operates financial comparison sites RinggitPlus in Malaysia and KreditGoGo in Indonesia.

The funding in Jirnexu is part of Experian’s ongoing investment in its marketplaces solutions, aimed at empowering lending institutions with better customer insights and consumers in the region with fairer access to credit.

According to Jirnexu, the startup has continued to grow since its Series B in May, and is on track to hit 100 per cent revenue growth for this year. It added the Malaysian central bank has recently okayed Jirnexu’s request to expand their regulatory sandbox approval.

The latest approval will enable Jirnexu to offer five types of insurance – motor, term life, travel, medical and health, and critical illness on its RinggitPlus website in Malaysia.

“We are excited about this investment as it will enable us to personalise recommendations for our customers more accurately. The ability to match consumer profiles with suitable financial products or services will greatly improve access to credit. Besides technology from Experian, the investment will also be used to strengthen our services and fintech solutions portfolio,” said Jirnexu CEO Yuen Tuck Siew.

In the Asia-Pacific, about 47 per cent of adult population in low and middle-income countries still do not have a bank account where digital financial marketplaces play a pivotal role in facilitating more access to credit, said Experian, citing a report by the International Monetary Fund.

“Our mission is to empower consumers and the financially excluded through data. With a booming digital economy in Asia Pacific, there is a tremendous opportunity to match end-consumers with the financial services they need. With this investment, we continue to build on our promise of matching the demand and supply of financial access through enhanced financial marketplaces in the region,” said Experian CEO for Asia Pacific, Ben Elliott.

Also read:

Malaysian fintech startup Jirnexu raises $11m in Series B

MY: Fintech startup Jirnexu raises $2m in pre-Series B round led by SBI Group

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.