Snippets
Jirnexu raises US$2m in pre-series B round
Calyn Yap 26 Oct 2017 17:36
From left: Jirnexu chief business development officer James Wong, chief technology officer Cedric Vivier, CFO Hann Liew, CEO Siew Yuen Tuck, chief commercial officer Lucas Ooi and COO James Barnes

By Calyn Yap

 

Full-stack fintech solutions provider Jirnexu has raised US$2 mil (RM8.47 mil) in a pre-series B round, which was announced on Oct 26, bringing its total funding to US$8 mil.

 

The latest fundraising was led by Japan-based financial services company SBI Group and was joined by existing investors Celebes and Cento Ventures.

 

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 its regional footprint by accelerating the development of new products and services.

 

Jirnexu provides financial services institutions (FSIs), including banks and insurance companies, with a full-stack solution to effectively increase sales by attracting, retaining and monetising connected consumers. Its solution is driven by XpressApply, a proprietary data-driven platform that enables FSIs to reach online and mobile-first consumers.

 

Its CEO Siew Yuen Tuck says: “Since closing our series A in March, 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 cashflow breakeven by next year. With our latest funding, we will work with more financial institutions to innovate and reach underserved consumers.”

 

Siew adds the start-up’s goal is to help FSIs stay competitive in the digital era by increasing the efficiency, scalability and security of digital sales channels. This is in addition to providing a single platform to integrate each step in delivering financial services.

 

Jirnexu recently partnered 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 its personal loan disbursement by 60% by year-end.

By integrating its technology directly with FSIs’ core systems, Jirnexu will soon introduce live in-principle approval with other international and local banks.