Jirnexu Sdn Bhd, the parent company of RinggitPlus, announced today a strategic transaction to acquire CompareHero, the Malaysian arm of NASDAQ-listed MoneyHero.
The acquisition is expected to close in early July 2024.
According to their media release this move is expected to solidify Jirnexu’s leadership in Malaysia’s fintech space enabling consumers to access financial products and services conveniently.
As part of the agreement, MoneyHero Group will retain an equity stake in Jirnexu, transitioning from an operator to an investor and maximising the value of its interests in Malaysia through Jirnexu’s growth. MoneyHero Group said it will reallocate resources to growth opportunities in its core markets to continue driving value to its shareholders.
While RinggitPlus and CompareHero will operate as separate brands, both parties expect the acquisition to unlock significant benefits for consumers including; personalised recommendation on CompareHero ulitising Jirnexu’s proprietary technology, integration of Jirnexu’s WhatsApp chatbot to simplify digital application for CompareHeor users and exclusive sign up deals across both brands.
Jirnexu has been a driving force in Malaysia’s fintech revolution since its founding in 2012. They established RinggitPlus in 2013, Malaysia’s leading financial comparison platform, empowering consumers to make informed financial decisions.
Yuen Tuck Siew, Chief Executive Officer of Jirnexu Sdn Bhd said
“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.”
Rohith Murthy, Chief Executive Officer of MoneyHero, said
“From the early stages of development throughout its time as part of MoneyHero’s portfolio of brands, CompareHero grew into one of the top personal finance comparison and aggregator platforms in the Malaysia market, second only to 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.”
