KUALA LUMPUR, June 29 — In a strategic move, Jirnexu Sdn Bhd, the parent company of RinggitPlus, announced today its acquisition of CompareHero, the Malaysian branch of Nasdaq-listed MoneyHero.
The deal is anticipated to close by early July 2024.
This acquisition is poised to bolster Jirnexu’s position as a leader in Malaysia’s fintech industry, enhancing consumer access to financial products and services.
In a statement, MoneyHero Group said it will retain an equity stake in Jirnexu, transitioning from an operational role to an investor role.
This shift will allow MoneyHero to focus on growth opportunities in its primary markets, aiming to maximise shareholder value, it added.
Although RinggitPlus and CompareHero will continue to operate under separate brands, the acquisition is expected to yield significant consumer benefits.
These include personalised recommendations on CompareHero using Jirnexu’s proprietary technology, the integration of Jirnexu’s WhatsApp chatbot for simplifying digital applications, and exclusive sign-up deals across both platforms.
Founded in 2012, Jirnexu has been instrumental in driving Malaysia’s fintech revolution. In 2013, it launched RinggitPlus, a financial comparison platform that empowers consumers to make informed financial choices.
