The latest funding round was led by existing investor DMP, with participation by new investors Gobi Partners and OSK Ventures International Berhad.
Jirnexu claims that its full stack technology provides banks and insurance companies with a solution that manages every stage of the customer journey – marketing, acquisition, fulfilment usage and retention.
Quoting Swiss Re Sigma research, Central Bank statistics, the company states that the commissions for consumer banking and insurance products in Southeast Asia alone are worth US$25 billion per year. Jirnexu is also targetting the US$35 billion worth of multi-channel and distribution financial technology budgets in EMEA with its XpressApply white-label solution.
XpressApply, is the company’s proprietary platform, which claims to disrupt conventional methods of selling banking and insurance products, enabling financial institutions to offer unique value propositions to online and mobile-first consumers efficiently and at scale.
It also offers analytics for targeted strategies to fulfil and maximize the value of a consumer’s relationship over many years. According to the startup, the platform helps banks increase ROI on marketing investment by up to 300% by doubling conversions and productivity.
Post closing this round of funding, the startup is planning to start its Series B investment round, with a target to complete it by early 2018. Jirnexu states that the funding from Series B will cement the leadership position of RinggitPlus.com, which is Jirnexu’s online financial aggregator in Malaysia and accelerate the development of its technology solutions and implementation in its priority markets.
Yuen Tuck Siew, CEO, Jirnexu said “RinggitPlus.com has grown to be Malaysia’s largest digital customer acquisition channel for banks, attracting more visitors than all other comparison sites combined. By leveraging XpressApply, banks in Malaysia have digitally issued over 40,000 credit cards and disbursed over RM150 million worth of unsecured personal loans to-date.”
“Operating the only end-to-end technology platform for digital customer acquistion has enabled RinggitPlus.com to grow faster and larger than any other player. There is no way for competitors, or banks that rely on traditional people and paper-based sales processes, to scale to our size.
Apart from expediting the rollout of XpressApply in Malaysian and Indonesian markets, the company plans to focus on developing a proprietary risk scoring capability to provide better matching of consumer risk profiles with lenders and insurers.
“Having solved the customer on boarding problem, Jirnexu is now looking at why the majority of consumers in Southeast Asia do not have access to credit, and are either uninsured or underinsured. Our technology platform and customer data analytics uniquely positions Jirnexu to solve fundamental challenges with financial inclusion,” Siew added.
