Jirnexu banks $10m from credit giant Experian and SBI

Malaysian fintech startup Jirnexu has secured US$10 million funding as part of a strategic investment by Experian, marking the global credit-scoring giant’s latest foray into Southeast Asia’s startup ecosystem.

The investment brings Jirnexu’s total series B funding to US$21 million, following an earlier US$11 million close led by Japan’s SBI Group in May. SBI also participated in today’s US$10 million follow-on.

Liew Ooi Hann, co-founder, Jirnexu (FL); Yuen Tuck Siew, co-founder and CEO, Jirnexu (CL); Ben Elliott, CEO, Asia Pacific, Experian (CR); Dev Dhiman, managing director, Southeast Asia and emerging markets, Experian (FR) / Photo credit: Experian

Kuala Lumpur-based Jirnexu operates comparison sites RinggitPlus in Malaysia and KreditGoGo in Indonesia, where users can weigh up different offers on credit cards, insurance plans, and loans.

It has also developed tools to help financial services providers handle online applications, as well as customer acquisition and engagement. As a self-described “full stack fintech solutions provider,” it works with clients including CIMB, Citibank, HSBC, Manulife, Standard Chartered, and UOB, among others.

Jirnexu has almost doubled its employee headcount to 200 since January.

It also revealed today that it has obtained approval from the Central Bank of Malaysia to expand the scope of its regulatory sandbox, allowing it to add medical, travel, and health and critical illness insurance to the motor and term life products it offers through RinggitPlus.

Jirnexu CEO Yuen Tuck Siew said the fresh investment will “enable us to personalize recommendations for our customers more accurately.”

Closer integration with Experian and access to its technology resources will “greatly improve access to credit” by enhancing Jirnexu’s “ability to match consumer profiles with suitable financial products or services,” he added.

Experian will also help Jirnexu in the areas of demand generation and eligibility matching through analytics.

Experian on the march

This is just the latest big venture investment that UK-based Experian has made in Asia’s burgeoning online financial services market.

In July, it led C88 Financial Technologies’ US$28 million series C round. C88 runs personal finance marketplaces CekAja in Indonesia and eCompareMo in the Philippines, with plans to open a Thailand site soon.

Experian said the investment would help C88’s platforms to better match potential customers with appropriate finance products, while allowing the startup’s bank partners to leverage Experian’s credit-scoring tech.

It is also an investor in Vietnam’s MobiVi, which offers a range of digital payments solutions – such as online payment kiosks in shopping malls – tailored to consumers who prefer cash.