Jirnexu, a Southeast Asian startup providing banks and insurance companies with customer acquisition technology, has successfully raised $ 3 million in Series A funding, bringing its total funding to $4.5 million. Singaporean VC firm DMP led the round with additional participation from Celebes Capital, NTT DOCOMO Ventures, Nullabor, Tuas Capital Partners, Anfield Equities and Steve Melhuish.
The funds are destined for product development, geographic expansion and recruitment.
In a release Jirnexu said the complete customer acquisition experience, including marketing, acquisition, fulfillment and loyalty is a $25 billion market.
Southeast Asia is a compelling market for many reasons, Jirnexu’s CEO said.
“Financial service institutions in Southeast Asia still rely on labour intensive customer acquisition practices,” Yuen Tuck Siew explained. “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.”
A key part of Jirnexu’s full stack solution is XpressApply, a digital application workflow management and CRM solution which simplifies the consumer financial product application process. Jirnexu said XpressApply has delivered 200 percent higher customer conversion rates than traditional lead generation methods.
“Financial institutions operating in emerging markets have traditionally struggled with digital customer acquisition,” DMP Partner Dmitry Levit said. “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. ”
Mr. Siew said the Southeast Asian market is hot.
“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.”