Fintech provider Jirnexu to acquire CompareHero

Fintech provider Jirnexu will be acquiring CompareHero, the Malaysian arm of MoneyHero.

Jirnexu, a pioneer in Malaysian fintech for over a decade, is best known as the parent company of RinggitPlus, a financial comparison platform in Malaysia providing financial advice and tools. MoneyHero is another personal finance aggregation and comparison platform, managing both commercial partner relationships and individual user services. 

Jirnexu's acquisition aims to solidify its market leadership in the fintech industry and serve a broader audience with its proprietary technology. The deal is expected to close in early July 2024.

As part of the agreement, MoneyHero Group will retain an equity stake in Jirnexu, transitioning from an operator to an investor. It will also reallocate resources to growth opportunities in its core markets to continue driving value to shareholders.

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While RinggitPlus and CompareHero continue operating as separate brands, the acquisition unlocks benefits across both brands for consumers.

Jirnexu’s proprietary technologies, such as credit score-based recommendation engines in WhatsApp chatbots, are used to enhance the usage of CompareHero’s service of finding the best financial products. This provides personalised financial recommendations and streamlines the application process.

Additionally, exclusive sign-up deals across the brands can also be expected.

“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,” said Yuen Tuck Siew, chief executive officer of 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,” said Rohith Murthy, chief executive officer of MoneyHero.

Jirnexu has previously pioneered FinTech solutions such as XpressApply, meant to streamline the digital application process for both customers and financial institutions. It not only improved efficiency but also significantly reduced drop-off rates.

According to Jirnexu, the strategic acquisition reaffirms its commitment to financial inclusion and innovation, aiming to empower Malaysians to make better financial decisions, with personalised recommendations and a smooth digital application experience.

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