Thursday, May 24, 2018

Malaysian insurtech startup Jirnexu raises US$11m funding

Jirnexu, an online financial services provider based in Kuala Lumpur, has secured a new tranche of US$11 million in funding.

The funding was part of a series B round. In October last year, it completed a first funding round that saw the firm raise US$2 million in fresh funds.

As before, the recent funding round was led by Japan’s SBI Group, but with a new investor, SIG Asia Investments, joining in.

The latest investment brings Jirnexu’s total funding to US$17 million so far. Jirnexu is known for its financial and insurance comparison websites RinggitPlus in Malaysia and KreditGoGo in Indonesia.

However, users choosing financial products through these websites have had difficulties in getting them from the banks and financial institutions, which led to difficulties in Jirnexu being able to make money. The startup has since launched XPressApply in 2017 to remedy this situation.

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