Fintech technology startup Jirnexu – formerly Savings Plus – which caters to banks and insurance companies and is based in Southeast Asia, today announced that it has raised $3 million in Series A funding to help drive its expansion and product development into key markets including Malaysia and Indonesia and other countries in the region.
The round was led by venture capital firm DMP, based in Singapore, and joined by global investors Celebes Capital, NTT Docomo Ventures, Nullabor, Anfield Equities, Tuas Capital Partners, with participation from PropertyGuru Group CEO Steve Melhuish acting as a private investor.
The company – initially founded in Kuala Lumpur – also runs Ringgitplus.com, a financial comparison website in Malaysia, and Kreditgogo.com, based in Indonesia, in addition to the XpressApply product brand. The firm was previously known as Savings Plus before it was rebranded as Jirnexu. The new round brings the total funding to over $4.5 million.
Marketing and full stack CRM
Dmitry Levit, Partner at DMP, commented in a company statement regarding the deal: “Financial institutions operating in emerging markets have traditionally struggled with digital customer acquisition. 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. Levit added: “Jirnexu enables its business partners to be innovative in the way they generate leads online, convert those leads into customers, handle their fulfilment and keep them loyal.”
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Websites that the company owns have reached tens of millions of people, as per a company description.
Rebranded from Savings Plus
The company offers a full stack technology solution that helps firms manage all stages of their customer journey including acquisition, marketing, fulfillment and client loyalty which comprise an addressable market that Jirnexu says is worth $25 billion a year, as per data cited by IDC, EY, and Market Line.
Jirnexu’s customer relationship management (CRM) platform is described as a digital application management solution, under the name XpressApply, and takes traditional questions found on client agreements and applications and transforms them into online bitsize questionnaires that can be completed faster, helping to boost conversion rates.
Aimed at improved conversions
Jirnexu CEO Yuen Tuck Siew commented regarding the announcement: “Financial service institutions in Southeast Asia still rely on labour intensive customer acquisition practices. 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.”
Mr. Siew added: “At Jirnexu, we offer comprehensive solutions for businesses to attract, retain and monetize connected consumers in high-growth markets.”