Singapore: Fintech startup Jirnexu raises $3m Series A led by Digital Media Partners, others

Visual of Jirnexu homepage. May 2016

Fintech startup Jirnexu (formerly Saving Plus), which operates in Singapore and Malaysia, has raised $3 million in a Series A funding round.

This round takes the total venture capital financing in the startup to $4.5 million.

The Series A round was led by Singapore-based venture capital firm Digital Media Partners (DMP) along with global investors Celebes Capital, NTT DOCOMO Ventures, Nullabor, Tuas Capital Partners and Anfield Equities.

Private investor Steve Melhuish, CEO & co-founder of PropertyGuru Group, also participated in the round.

Dmitry Levit, general partner and founder of DMP, said, “Financial institutions operating in emerging markets have traditionally struggled with digital customer acquisition. In our view, Jirnexu has proven its ability to address this pain point, and has done so by building a full technology stack that manages the entire customer journey.”

Jirnexu provides banks and insurance companies with a full stack technology solution that manages all stages of the customer acquisition journey – marketing, acquisition, fulfilment and loyalty.

This particular service represents an addressable market of $25 billion a year, based on aggregated data from EY, IDC and MarketLine from 2013 and 2014.

According to Jirnexu, funding will be used to drive product development, geographic expansion and recruitment across Southeast Asia, with Malaysia and Indonesia as priority markets where they intend to build up senior management teams. They are also hiring at all levels in product development and predict the team strength to double this year.

Its current holdings include financial comparison websites RinggitPlus in Malaysia and KreditGoGo in Indonesia. It also has a network of partnerships with financial institutions and telecom firms such as Alliance Bank, AEON, Citibank, HSBC, Manulife, OCBC Bank, RHB, Standard Chartered, Tokio Marine Life, U Mobile, and XOX Mobile, among others.

Also Read: Thai fintech firm T2P secures $1.1m from 500 Startups, Benchachinda

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Yuen Tuck Siew, CEO at Jirnexu, said, “Financial service institutions in Southeast Asia still rely on labour-intensive customer acquisition practices. Expensive telesales, hard to manage direct sales agents, paper forms, long queues at bank branches, high rejection rates for minor errors – all of these make acquiring customers slow, inefficient and costly.”

A key technology driver within the full stack fintech solution is XpressApply, a digital application workflow management solution and CRM platform that simplifies the consumer application process for financial products. Using online questionnaires that can be completed within 10 minutes, it claims to deliver customer conversion rates 200 per cent higher than telesales and traditional lead generation methods.

 In H2 2016, Jirnexu will offer XpressApply as a business-to-business (B2B) managed service, which will aid firms in tracking and managing customer acquisition and lifecycles, starting from customer application to approval. The intent is to provide better tracking, analytics, conversions and customer experience.

With Southeast Asia seeing growing affluence as its emerging middle class matures, the region is also seeing an increase in internet and mobile offerings, with online on-demand services and e-commerce available via increasingly ubiquitous Internet access.

Commenting on the growing demand for personal financial services, Yuen explained: “The first financial services company who can meet the consumers’ rising expectations will be the winner. That’s why my vision is clear and simple – I want to build the Amazon of personal finance in Southeast Asia.”

Also Read: China: Fintech startup Weidai lands $153m Series C led by Vision Knight Capital

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Bank Negara Malaysia reviewing financial regulations in light of fintech development

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.