Southeast Asian fintech Jirnexu has completed a $4.5 million Series A round with a $1.5 million infusion led by existing investor DMP. New investors Gobi Partners and OSK Ventures International Berhad also participated.
The other $3 million was raised early in 2016.
Jirnexu provides full stack technology which allows banks and insurance companies to manage the entire customer experience from marketing through retention. Its clients include Citibank, HSBC and Manulife.
In a release Jirnexu said its proprietary platform XpressApply is a key component of the full stack solution. It provides analytics to facilitate targeted marketing.
Jirnexu pegs annual consumer banking and insurance product commissions in Southeast Asia alone at $25 billion and says it is aiming at the EMEA $35 billion annual combined budget for multi-channel and distribution financial technology budgets.
Next up for Jirnexu is a Series B which they hope to complete early next year. It will grow RinggitPlus.com, the company’s Malaysian online financial aggregator
“RinggitPlus.com has grown to be Malaysia’s largest digital customer acquisition channel for banks, attracting more visitors than all other comparison sites combined,” Jirnexu CEO Yuen Tuck Siew said. “By leveraging XpressApply, banks in Malaysia have digitally issued over 40,000 credit cards and disbursed over RM150 million worth of unsecured personal loans to-date.
“Apart from expediting our rollout of XpressApply in both markets, we will focus on developing a proprietary risk scoring capability to provide better matching of consumer risk profiles with lenders and insurers.”
Jirnexu is working on additional goals, Mr. Siew added.
“Having solved the customer on boarding problem, Jirnexu is now looking at why the majority of consumers in Southeast Asia do not have access to credit, and are either uninsured or underinsured. Our technology platform and customer data analytics uniquely positions Jirnexu to solve fundamental challenges with financial inclusion.”
Jirnexu quoted a McKinsey study which said 40-50 per cent of ASEAN consumers would consider opening an account with a bank that does not have a physical network.