By Jack Ellis for Tech in Asia
Kuala Lumpur-based fintech startup Jirnexu today announced that it has raised US$2 million in pre-series B funding. Japanese financial services company SBI Group led the investment, with existing backers Celebes Artha Ventura from Indoensia and Cento Ventures from Singapore also taking part.
Jirnexu – previously known as Saving Plus – provides a full-stack customer management software suite for financial service providers such as banks and insurers. It also runs several financial service comparison sites, including KreditGoGo in Indonesia and RinggitPlus in Malaysia.
The startup claims that more than half of Malaysia’s consumer banks have signed up to another of its offerings – XPressApply, an online service that simplifies application processesfor various financial products. It has also recently introduced a real-time online chatbot for RHB Bank, allowing for live in-principal loan approval, and plans to roll this technology out with other banks in the coming months.
Jirnexu states that this year it has more than doubled the number of distribution agreements it has in place with banks and insurers, meaning it is set to reach its target of breaking even on cashflow by 2018.
The pre-series B cash injection brings the Jirnexu’s total funding to date to US$8 million, following a US$3 million series A round in May last year.
The startup indicated in a statement that it will use the pre-series B funding and strategic assistance from SBI to consolidate its leadership in Malaysia, while further investing in the development of new products and services.