On June 28, 2024, Jirnexu and MoneyHero Group announced that they had struck a deal, marking a significant milestone in the former’s journey.
Jirnexu, a pioneer in Malaysian fintech and best known as the parent company of RinggitPlus, shared that they would be strategically acquiring CompareHero, the Malaysia-exclusive B2C brand and platform of MoneyHero Group.
Through this transaction, CompareHero’s website, domain names, select user data, and IP rights will be acquired by Jirnexu.
RinggitPlus is Malaysia’s leading financial comparison platform, and CompareHero is a personal finance comparison and aggregator platform.
The acquisition is expected to close in early July 2024.
As part of the agreement, MoneyHero Group will retain an equity stake in Jirnexu. The term deals remain confidential.
Following this acquisition, Jirnexu will be able to solidify its market leadership and expand its reach to serve a broader audience with its proprietary tech, including a credit score-based recommendation engine.
Meanwhile, MoneyHero Group will be able to maximise the value of their interests in Malaysia, and will allocate resources to growth opportunities in its core markets such as Singapore, Hong Kong, Taiwan, and the Philippines.
What’s next for users of both brands
RinggitPlus and CompareHero will continue operating as separate brands, but the acquisition will bring some benefits to customers:
- 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 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.
Playing the long game
“We are pivoting our Malaysia strategy to align with our next growth phase,” Rohith Murthy, CEO of MoneyHero, shared in a press statement.
“This approach positions us to drive shareholder value more effectively. By transitioning from an operator to a long-term investor in Malaysia’s leading player, we ensure continued benefit from the market’s opportunities without competing in other geographies.”
Enterprise-wide, MoneyHero was managing 279 commercial partner relationships and serviced 8.7 million Monthly Unique Users across its platform for the year of 2023.
The company’s backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, founder and chairman of Pacific Century Group.
In July 2023, it was reported that Jirnexu was “profitable” with an annual recurring revenue of over RM50 million (US$10.7 million at the time of the report). At the time, it was shared that the company had 1.5 million customers.
With the complementary addition of CompareHero to the RinggitPlus ecosystem, Jirnexu is poised to make good on its vision to become the trusted brand in the local financial solutions marketplace.
Featured Image Credit: Jirnexu/MoneyHero
