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.