Jirnexu said May 24 that it raised $3 million in Series A funding led by DMP. Investors Celebes Capital, NTT DOCOMO Ventures, Nullabor, Tuas Capital Partners and Anfield Equities took part as well as private investor Steve Melhuish (CEO & Co-founder, PropertyGuru Group). Jirnexu, formerly Saving Plus, is a Southeast Asia fintech startup that provides financial comparison tools for consumers.
SINGAPORE & KUALA LUMPUR, 24 MAY 2016 — Southeast Asian fintech startup Jirnexu (formerly Saving Plus) has raised US$3 million in Series A funding. Jirnexu provides banks and insurance companies with a full stack technology solution that manages every stage of the customer acquisition journey – marketing, acquisition, fulfillment and loyalty – an addressable market of US$25 billion a year, based on aggregated data from EY, IDC and MarketLine from 2013 and 2014. Funding will be used to drive product development, geographic expansion and recruitment across Southeast Asia, with Malaysia and Indonesia as priority markets.
Investment into Jirnexu was led by Singapore-based venture capital firm DMP, along with global investors Celebes Capital, NTT DOCOMO Ventures, Nullabor, Tuas Capital Partners and Anfield Equities. Also participating was private investor Steve Melhuish (CEO & Co-founder, PropertyGuru Group).
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. At Jirnexu, we offer comprehensive solutions for businesses to attract, retain and monetize connected consumers in high-growth markets.”
A key technology driver within the full stack fintech solution is XpressApply, a digital application workflow management solution and CRM platform. It simplifies the consumer application process for financial products, turning dull paper-based forms into online bitesize questionnaires that can be completed within 10 minutes. XpressApply has delivered 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, helping firms track and manage customer acquisition and lifecycles – from the moment a consumer applies for a new product to the moment they are approved. The result: better tracking, analytics, conversions and customer experience.
Dmitry Levit, Partner at DMP, commented, “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 enables its business partners to be innovative in the way they generate leads online, convert those leads into customers, handle their fulfilment and keep them loyal.”
This Series A round takes Jirnexu’s total funding to US$4.5 million. It will continue to build its senior management teams in Malaysia and Indonesia. Jirnexu is also hiring at all levels in product development, a team which will double in size this year.
“Southeast Asia is riding a boom in internet and mobile offerings, which has brought a new level of convenience to end-users. Whether you book a ride with Grab or shop online with Lazada, consumers are expecting the same anytime-anywhere access to all services including their personal finances. 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, a full stack technology driven platform that enables service and value leadership to the consumer,” added Siew.
Jirnexu owns financial comparison websites RinggitPlus in Malaysia and KreditGoGo in Indonesia. It already works with some of the world’s largest financial institutions and telcos including Alliance Bank, AEON, Citibank, HSBC, Manulife, OCBC Bank, RHB, Standard Chartered, Tokio Marine Life, U Mobile, and XOX Mobile, among others. In 2015, Jirnexu-owned websites reached tens of millions of visitors, captured some 450,000 customer leads and delivered tens of thousands of approved customers and accounts.
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Jirnexu enables banks, insurance companies and service providers to think mobile-first and innovate the way they generate leads online, turn those leads into customers, handle their fulfilment, and keep them loyal. Consumers are empowered by Jirnexu’s financial comparison tools to save money and make better decisions. The company enjoys the unique position of being Asia’s only full stack fintech solutions provider. It was founded in 2012 in Kuala Lumpur, Malaysia. Partners include Citibank, HSBC, Alliance Bank, OCBC Bank, BSN, Public Bank, RHB, Agrobank, AEON, AmBank, Hong Leong Assurance, Manulife, Tokio Marine Life, U Mobile, and XOX Mobile.
DMP is a Singapore-based venture capital firm focused on emerging markets that have recently joined the global digital transformation process. Specifically, DMP looks at the development of the consumer internet and its supporting infrastructure in Southeast Asia. Portfolio companies include 2C2P, Coda Payments, CtrlShift, Cùngmua.com, Food Runner, GoQuo, Grain, Jirnexu, Medical Departures, Migme and WearYouWant.
About NTT DOCOMO Ventures
NTT DOCOMO Ventures, the NTT Group’s corporate venture capital firm, aims to accelerate innovation for creation of new services, disruptive technologies and innovative processes serving as a primary channel for startup companies and venture communities on behalf of the NTT Group, Japans leading ICT service provider. NTT DOCOMO Ventures proactively enhance cooperation with exceptional entrepreneurs on a worldwide scale by providing capital from their corporate venture funds, incubation program, and vast business development opportunities with the NTT Group companies.
Celebes Capital was initially formed as a stock investing company and grew into a venture development company with the vision to become one of the leading investments company in Indonesia. To date, Celebes Capital has invested in companies in the fields of Multifinance, Insurance, Automotive, Mining, Agriculture and Infrastructure. In addition, Celebes Capital recently established its division of Micro, Small and Medium Enterprise Financing in 2009. By providing capital, technology, and even expertise, Celebes cultivates passionate ideas and transform them into successful corporations.
TUAS Capital Partners
Tuas Capital Partners Pte Ltd is a venture and private equity investment company established in 2013 by a proven team with deep roots in Southeast Asian markets and diversified pedigrees in asset management, private equity and investment banking. The key principals are financial professionals with over 25 combined years of experience in Investment Banking, Asian Regional Debt, Public and Private Equity Markets. The Investment Team is led by its Principal/Director Syed Haizam Jamalullail who currently holds an Investment Advisory Director positon at Malaysia-based KFM Advisory Sdn Bhd.
Nullabor is a multi-family office established in 2013 to build a long term presence in Southeast Asia for its founders. Between them they have significant operational and investment experience across global markets and in sectors from insurance to manufacturing, real estate and shipping.
Anfield Equities International Limited is a Malaysian based private vehicle with investments in technology, education and f&b. It is headed by investors with a long track record of private equity investing in South East Asia.
Steve Melhuish, Co-Founder and CEO, PropertyGuru Group
In the last two decades, Steve has built profitable companies throughout Asia and Europe. He co-founded PropertyGuru due to his personal frustrations at trying to find a new home in 2006. Today, PropertyGuru is the leading online property group in South East Asia used by over 16 million property seekers and 33,000 property advertisers every month.
Prior to Steve’s current role, he had advised various firms including Skype, AOL, Virgin Media, Vodafone, Extreme Media, iPass and Ariadne Capital. He also led global teams and a US$500 million turnover business unit for Cable & Wireless. In 2007, Steve was awarded the Spirit of Enterprise Award in recognition of his contributions to entrepreneurship in Singapore. Steve has invested in 5 digital media firms and is passionate about Asia + Digital.