To solidify its position as Malaysia’s leading fintech, Jirnexu to acquire CompareHero
The parent company of RinggitPlus, Jirnexu Sdn Bhd, disclosed last Friday that it was engaging in a strategic acquisition to buy CompareHero, MoneyHero Limited’s Malaysian subsidiary.
In a statement, Jirnexu said that this calculated move strengthens its position as a leader in Malaysia’s fintech industry and makes it easier for customers to obtain financial services and products.
It is anticipated that the acquisition will close in early July 2024.
For more than ten years, Jirnexu has been at the forefront of Malaysian fintech. It is most recognized for being the parent company of RinggitPlus, the country’s top financial comparison and aggregator platform.
An important milestone has been reached with this acquisition, extending Jirnexu’s market leadership and enabling it to provide its industry-leading proprietary technology—which includes a recommendation engine based on credit scores—to a wider audience.
MoneyHero Group will transition from operator to investor under the terms of the agreement, retaining an equity stake in Jirnexu and leveraging Jirnexu’s growth to maximize the value of its interests in Malaysia.
The MoneyHero Group aims to enhance shareholder value by reallocating resources towards growth prospects in its core markets.
CompareHero and RinggitPlus will continue to function as distinct brands, but the acquisition offers substantial consumer benefits.
First off, it customizes recommendations because CompareHero will incorporate Jirnexu’s exclusive technologies, such as its recommendation engine for financial products based on credit score and integrated into a WhatsApp chatbot, to offer customers recommendations based on likelihood of approval.
Second, it simplifies the application process because CompareHero users will find it easier to submit digital applications thanks to Jirnexu’s friendly WhatsApp chatbot.
Thirdly, customers can anticipate exclusive sign-up offers from both brands, meaning it provides exclusive deals.
“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 Sdn Bhd.
