Southeast Asian fintech startup Jirnexu – Southeast Asia’s only full stack fintech solutions provider – has raised US$2 million in a pre-Series B round.
Japan-based SBI Group—a financial services company and a pioneer in internet-based financial services—led the latest round, joined by existing investors Celebes and Cento Ventures. This brings Jirnexu’s total funding to US$8 million. Bringing over 18 years of experience in developing an internet-based financial ecosystem in Japan, SBI Group will work with Jirnexu to consolidate its leadership in Malaysia and expand their regional footprint by accelerating the development of new products and services.
Jirnexu provides financial service institutions (“FSIs”)—banks and insurance companies—with a full stack solution to effectively increase sales by attracting, retaining and monetising connected consumers. Jirnexu’s fintech solution is driven by XpressApply, a proprietary data-driven platform that enables FSIs to reach online and mobile-first consumers. With over half of all consumer banks in Malaysia already signed onto XpressApply, the technology has enabled Jirnexu’s clients to achieve 300% ROI, while tripling productivity per headcount and doubling conversions when compared with traditional methods.
Yuen Tuck Siew, CEO of Jirnexu said, “Since closing our Series A in March 2017, Jirnexu has continued to dominate the market, with our core technology as a key driver. Serving consumer banks with a combined market share of 80%, we offer Malaysians the widest range of online banking and insurance products. Having more than doubled the number of distribution agreements with banks and insurers this year, Jirnexu is on track to reach cash flow breakeven by 2018.”
Siew continued, “Our goal is to help banks and insurance companies stay competitive in the digital era by increasing the efficiency, scalability, and security of digital sales channels, as well as providing a single platform to integrate each step in delivering financial services. With our latest funding, we will work with more financial institutions to innovate and reach underserved consumers.”
Jirnexu recently partnered with RHB Bank to introduce Southeast Asia’s first real-time messenger-style chatbot for online personal loan applications. With the chatbot, RHB Bank aims to grow their personal loan disbursement by 60% by year-end. By integrating their technology directly with FSIs’ core systems, Jirnexu will soon introduce live in-principle approval with other international and local banks.
Nazri Othman, Head of Group Retail Banking (Acting) at RHB Banking Group said, “In line with our shared vision of increasing access to financial services through digital innovation, we have worked with RinggitPlus to enable Malaysians to access RHB loans anytime, anywhere. Our first-to-market chatbot personal application is just one example of this. With their new investment, we look forward to more innovations to help us better serve our customers.”
Ryosuke Hayashi, CEO and Managing Director of SBI Ven Capital—the Southeast Asian headquarters of SBI Group—said, “Jirnexu has distinguished itself as a market leader that provides real value to FSIs and its customers. As FSIs face a new digital environment and the rise of consumer choice, companies need more than lead generation and financial comparison sites to reach digital consumers. Jirnexu’s full-stack financial technology enables FSIs to develop customer and innovation-centric businesses that will help them efficiently benefit their customers.”
In Southeast Asia, Jirnexu is targeting the US$25 billion market in sales commissions for consumer banking and insurance products[1], and in EMEA the US$35 billion budget for multi-channel and distribution financial technology[2].
1] Swiss Re sigma research, central bank statistics
[2] IDC Financial Insights, 2015