Terms of transaction not disclosed, expected to close in July Possibly first time SEA startup has acquired country assets of a Nasdaq company In a rare development in the startup space, possibly even the first such deal in Southeast Asia, Fri evening saw the news that a fintech startup, Jirnexu Sdn Bhd based in Malaysia, had acquired CompareHero,...
In a rare development in the startup space, possibly even the first such deal in Southeast Asia, Fri evening saw the news that a fintech startup, Jirnexu Sdn Bhd based in Malaysia, had acquired CompareHero, the Malaysian B2C operations of a Nasdaq listed company, MoneyHero Ltd in an all-shares transaction.
Launched in 2013, Jirnexu is a full-stack fintech solutions provider. It also operates RinggitPlus.com a financial comparison site, which based on data from traffic measurement site, SimilarWeb, is Malaysia’s leading financial comparison website with CompareHero ranked third. MoneyHero is a personal finance and digital insurance aggregation and comparison platform with operations in Singapore, Phillipines, Hong Kong and Taiwan.
Rohith Murthy, CEO of Singapore based MoneyHero, said, “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.”
CompareHero will continue to operate under its brand in Malaysia. Explaining the rationale for this, Yuen Tuck said, “This approach ensures that each brand can focus on its core strengths and cater to its specific audience while benefiting from Jirnexu’s proprietary technological advancements.”
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