Malaysia-based financial comparison platform Jirnexu has increased its series B round to $21m with $10m in funding from credit scoring service Experian and financial services firm SBI, E27 reported on Monday.
SBI had previously led the round’s $11m first tranche in May this year, investing alongside SIG Asia Investments, a subsidiary of technology and quantitative trading firm Susquehanna Investment Group.
Jirnexu operates online platforms KreditGoGo, in Indonesia, and RinggitPlus, in Malaysia, which enable users to explore loan, credit card, mortgage, savings and insurance products from a variety of providers while comparing the relative benefits of the plans.
The company also helps telecommunications companies, insurance firms, banks and e-commerce providers launch mobile campaigns and customer lifecycle services.
Jirnexu will use the proceeds from the series B round, which increased its overall funding to $28m, to enhance its digital identification and chatbot technology.
NTT Docomo Ventures, a corporate venturing vehicle for mobile network operator NTT Docomo, had joined DMP, Celebes Artha Ventura, Tuas Capital Partners, Nullabor and Anfield Equities to supply $3m in series A funding for Jirnexu in May 2016.
The company subsequently secured $2m in an October 2017 pre-series B round that featured SBI, Celebes and Cento.
Ben Elliott, CEO of Asia Pacific for Experian, said: “In Asia, more than 1 billion people still have no access to formal financial services – meaning no formal employment, no bank account and no meaningful ability to engage in commerce online or offline.
“By working with like-minded partners who share the same values and mission in driving financial access, we have the opportunity to connect more consumers in the region with financial products that better suit their needs.”