KUALA LUMPUR: Jirnexu Sdn Bhd, the parent company of RinggitPlus, announced a strategic transaction to acquire CompareHero, the Malaysian arm of MoneyHero Limited. The acquisition is expected to close in early July 2024.
Being a pioneer in Malaysian fintech for over a decade, Jirnexu is the leading financial comparison and aggregator platform in Malaysia and this strategic move solidifies Jirnexu’s leadership in the country’s fintech space, enabling consumers to access financial products and services conveniently.
This acquisition will allow Jirnexu to effectively expand its reach to serve a broader audience with its industry-leading proprietary technology, including a credit score-based recommendation engine.
As part of the agreement, MoneyHero Group will retain an equity stake in Jirnexu, transitioning from an operator to an investor and maximising the value of its interests in Malaysia through Jirnexu’s growth.
Apart from that, MoneyHero Group will reallocate resources to growth opportunities in its core markets to continue driving value to its shareholders.
While RinggitPlus and CompareHero will operate as separate brands, the acquisition unlocks significant benefits for consumers:
- Personalised recommendations: Jirnexu’s proprietary technologies, including its credit score-based recommendation engine built into a WhatsApp chatbot, will be integrated into CompareHero, providing consumers with financial product recommendations based on the likelihood of approval.
- Streamlined application process: Jirnexu’s user-friendly WhatsApp chatbot will simplify the digital application experience for CompareHero users.
- Exclusive deals: Consumers can expect exclusive sign-up deals across both brands.
During the agreement ceremony, Jirnexu Sdn Bhd Chief Executive Officer, Yuen Tuck Siew said, “This acquisition marks a significant step forward in our mission to empower Malaysians with the tools and resources they need to make informed financial decisions. By combining the strengths and expertise from both RinggitPlus and CompareHero, we are expanding our ecosystem for all things personal finance to better serve Malaysians.”
Jirnexu has been a driving force in Malaysia’s fintech revolution since its founding in 2012, pioneering full-stack fintech solutions by developing XpressApply, a proprietary technology that streamlines the digital application process to improve efficiency and significantly reduce drop-off rates thanks to the enhanced user experience.
Through its innovative solutions and a commitment to financial literacy, Jirnexu has empowered millions of Malaysians to make better financial decisions by providing access to valuable information, personalised recommendations, and a seamless digital application experience.
Therefore, this acquisition reaffirms Jirnexu’s commitment to financial inclusion and innovation. It aligns with their vision of becoming the trusted brand in Malaysia’s financial solutions marketplace, solidifying their position within the fintech industry.
Meanwhile, MoneyHero CEO, Rohith Murthy commented, “From the early stages of development throughout its time as part of MoneyHero’s portfolio of brands, CompareHero grew into one of the top personal finance comparison and aggregator platforms in the Malaysia market, second only to Jirnexu.
“This transaction represents our renewed commitment to the Malaysian market, taking a long-term view with a more investor-based approach as we continue to drive shareholder value and make personal financial decisions easier for consumers every day.”
