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Jirnexu Sdn Bhd, the parent company of RinggitPlus, announced today a strategic transaction to acquire CompareHero, the Malaysian arm of MoneyHero Limited (NASDAQ: MNY). The acquisition is expected to close in early July 2024. This strategic move solidifies Jirnexu's leadership in Malaysia's fintech space enabling consumers to access financial products and services conveniently.
Jirnexu, a pioneer in Malaysian fintech for over a decade, is best known as the parent company of RinggitPlus, the leading financial comparison and aggregator platform in Malaysia. This acquisition marks a significant milestone, solidifying Jirnexu's market leadership and expanding 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. MoneyHero Group will reallocate resources to growth opportunities in its core markets to continue driving value to its shareholders.
Enhanced Financial Solutions for Consumers
While RinggitPlus and CompareHero will operate as separate brands, the acquisition unlocks significant benefits for consumers:
A Decade of Empowering Malaysians Through Fintech Innovation
Jirnexu has been a driving force in Malaysia's fintech revolution since its founding in 2012. They established RinggitPlus in 2013, Malaysia's leading financial comparison platform, empowering consumers to make informed financial decisions.
Jirnexu has also pioneered full-stack FinTech solutions by developing XpressApply, a proprietary technology that streamlines the digital application process for both customers and financial institutions. This not only improved efficiency but also significantly reduced drop-off rates thanks to the enhanced user experience.
The company has grown tremendously since its beginning, becoming a trusted partner for leading financial institutions. Today, Jirnexu offers a comprehensive suite of anytime/anywhere customer acquisition and lifecycle management solutions, while pioneering new developments for the future. Through their 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, personalized recommendations, and a seamless digital application experience.
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.
Quotes:
Yuen Tuck Siew, Chief Executive Officer of Jirnexu Sdn Bhd, “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.”
Rohith Murthy, Chief Executive Officer of MoneyHero, “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. Now fully merged into Jirnexu, users of CompareHero can expect absolute continuity with their service, as well as the same high levels of quality, capabilities, and innovation. This transaction represents our renewed commitment to the Malaysia 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 each and every day.”
