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Fintech startup Jirnexu acquires US$3 million in Series A funding

Adrian M. Reodique | May 30, 2016
The fund will be used to drive product development and geographic expansion.

Jirnexu - a fintech startup in Southeast Asia - has raised US$3 million in Series A funding taking the total funding to US$4.5 million.

"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," said Yuen Tuck Siew, CEO at Jirnexu.

Jirnexu provides banks and insurance companies with a full stack technology solutions that manages evey stage of the customer acquisition journey including marketing, acquisition, fulfilment and loyalty.

Singapore-based venture capital firm DMP led the investment to Jirnexu together with global investors   Celebes Capital, NTT DOCOMO Ventures, Nullabor, Tuas Capital Partners and Anfield Equities. Private investor Steve Melhuish, CEO & Co-founder of PropertyGuru Group, also participated.

According to Jirnexu, the funding will be used to drive product development and geographic expansion. The startup will also continue to build its senior management teams in Malaysia and Indonesia. It is also hiring at all levels in product development which will double in size this year.

"Southeast Asia is riding a boom in Internet and mobile offerings, which has brought a new level of convenience to end-users. Whether you book a ride with Grab or shop online with Lazada, consumers are expecting the same anytime-anywhere access to all services including their personal finances. The first financial services company who can meet the consumers' rising expectations will be the winner. That's why my vision is clear and simple - I want to build the Amazon of personal finance in Southeast Asia, a full stack technology driven platform that enables service and value leadership to the consumer," explained Siew.

 

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