Jirnexu raises $11m to be a one-stop shop for buying insurance and financial products
Kuala Lumpur-based financial services provider Jirnexu has bagged US$11 million in funding, it announced today. The series B round comes after a US$2 million refuelling last October, and it’s led once again by Japan’s SBI Group, with new investor SIG Asia Investments joining in.
The company reported a 100 percent year-on-year revenue growth for 2017 and expects the same in 2018. Malaysia is the key driver of the company’s current growth, and that’s where most of its services are launched.
“As we scale and launch more products and services, it adds a lot of complexity to the operations,” founder and CEO Yuen Tuck Siew says. To that end, the fresh funding will be used to hire more people. He believes that one challenge is how financial services are much more complex, as it deals with regulations, compliance, and so on. “All this requires a lot more investment. That’s why you see clear country champions that have not really expanded to other markets,” he adds.
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