Experian leads US$10m investment in KL-based Jirnexu

KUALA LUMPUR-BASED fintech firm Jirnexu, which operates comparison website for financial products RinggitPlus.com, has raised US$10 million in its Series B extension round led by credit-reporting firm Experian.

The other investor in the follow-on round is Japan-based financial services firm SBI Group. Jirnexu raised US$11 million in its Series B round earlier this year.

Experian's strategic investment and partnership will provide Jirnexu's existing marketplaces with improved performance in demand generation, better eligibility matching through analytics and more seamless consumer experiences, said both firms in a joint statement.

"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," said Yuen Tuck Siew, chief executive of Jirnexu.

"Besides technology from Experian, the investment will also be used to strengthen our services and fintech solutions portfolio," he added.

The company has doubled in size this year, growing from 100 employees in January to almost 200 employees by the end of the year.

Jirnexu added that Malaysia's central bank recently approved its request to expand its regulatory sandbox approval.

The previous approval was for digital insurance distribution for Motor and Term Life. With the latest approval, it will enable Jirnexu to offer five types of insurance on RinggitPlus.com.