Online insurance marketplace Jirnexu raises US$11m in series B round

Firm to prioritise growth over profitability at the moment, according to CEO

Online insurance marketplace Jirnexu raises US$11m in series B round

Insurance News

By Gabriel Olano

Jirnexu has received US$11 million in its series B funding round, the Malaysia-based financial technology (fintech) firm announced.

SIG Asia Investments was one of the new investors, while the largest investor was SBI Group of Japan, which also topped last October’s series A round which netted US$2 million, reported Tech in Asia. The latest round brings Jirnexu’s total funding to US$17 million.

Jirnexu operates financial comparison websites RinggitPlus in Malaysia and KreditGoGo in Indonesia. Last year, it was given approval to create an e-commerce insurance marketplace as part of Malaysia’s fintech sandbox.

The company has also developed a chatbot program for personal loans, which will be rolled out with several Malaysian banks.

“As we scale and launch more products and services, it adds a lot of complexity to the operations,” Jirnexu founder and CEO Yuen Tuck Siew told Tech in Asia, adding that the company is choosing to focus on growth rather than profitability at the moment.

“After our pre-series B round, we had a discussion and the unanimous decision was to grow as fast as possible,” Siew said. “The sooner we can launch a product, the sooner we can improve and optimize it.”



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