(L-R) Jirnexu CEO Yuen Tuck Siew and MoneyHero CEO Rohith Murthy
Jirnexu, the company behind Malaysia’s leading B2C fintech platform RinggitPlus, has acquired the personal finance product comparison platform CompareHero from Nasdaq-listed MoneyHero, for an undisclosed amount.
As part of this strategic deal, Jirnexu will acquire CompareHero’s website and domain names, as well as select user data and IP rights.
When the transaction is completed, the CompareHero brand will operate under Jirnexu. MoneyHero will retain an equity position in Jirnexu in connection with this transaction.
The deal is expected to close in early July 2024.
Rohith Murthy, CEO of MoneyHero: “This strategic transaction aims to maximise the value of our interests in Malaysia, both in the near and long term. It also allows us to reallocate resources towards stronger growth opportunities in our core markets—Singapore, Hong Kong, Taiwan, and the Philippines.”
“From its early development stages within MoneyHero’s portfolio, CompareHero grew into one of Malaysia’s top personal finance comparison and aggregator platforms. It is second only to our new investment in RinggitPlus. Users of CompareHero can expect continuity in service, quality, and innovation once the transaction is complete,” he added.
MoneyHero is a leading personal finance and digital insurance aggregation and comparison platform. It operates in Singapore, Hong Kong, Taiwan, and the Philippines. Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax, Seedly, and the B2B platform Creatory.
The company currently manages 279 commercial partner relationships and services 8.7 million monthly unique users across its platform for the 12 months ended December 31, 2023.
MoneyHero’s backers include Peter Thiel (the co-founder of PayPal, Palantir Technologies, and the Founders Fund) and Hong Kong businessman Richard Li, the founder and chairman of Pacific Century Group.
Also Read: SingSaver’s parent CompareAsiaGroup raises US$20M funding led by Experian
Founded in 2013, Jirnexu is a full-stack fintech solution provider that empowers financial institutions (FSIs) and service providers with anytime/anywhere customer acquisition and lifecycle management solutions. Built on the foundation of RinggitPlus, Jirnexu’s suite includes XpressApply, proprietary software that streamlines online applications.
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