Jirnexu Sdn Bhd, parent company of RinggitPlus, is acquiring CompareHero from MoneyHero Limited, enhancing its leadership in the Malaysian fintech sector. This strategic move will expand Jirnexu’s reach and capabilities, while MoneyHero transitions to an investor role in Jirnexu.
1 July 2024 – Jirnexu Sdn Bhd, the parent company of RinggitPlus, has announced its acquisition of CompareHero, the Malaysian arm of Nasdaq-listed MoneyHero Limited. This acquisition, expected to be finalized early this month, represents a strategic advancement in Jirnexu’s mission to provide convenient access to financial products and services for Malaysian consumers.
This acquisition is a pivotal moment for Jirnexu, reinforcing its dominance in Malaysia’s fintech industry and expanding its reach to a wider audience. The integration of CompareHero will enhance Jirnexu’s portfolio with advanced proprietary technology, including a credit score-based recommendation engine that facilitates more personalized financial solutions.
Under the terms of the agreement, MoneyHero Group will retain an equity stake in Jirnexu, shifting its role from an operator to an investor. This strategic pivot allows MoneyHero Group to maximize the value of its interests in Malaysia through Jirnexu’s continued growth, while reallocating resources to focus on expansion opportunities in its primary markets.
Yuen Tuck Siew, CEO of Jirnexu, remarked, “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.” Rohith Murthy, CEO of MoneyHero, assured that CompareHero users will experience continuity and high-quality service following the merger, maintaining the same levels of innovation and capability.
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