MoneyHero Limited has announced the signing of a strategic transaction with Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus whereby ‘CompareHero’, operating exclusively in Malaysia will be acquired by Jirnexu Sdn. Bhd.
Upon completion of the transaction, the CompareHero brand will continue in operation under Jirnexu Sdn. Bhd, MoneyHero will then retain an equity position in Jirnexu Pte. Ltd. Terms of the deal, expected to close in early July 2024, are confidential.
“We are pivoting our Malaysia strategy to align with our next growth phase,” said Rohith Murthy, CEO of MoneyHero. “This strategic transaction aims to maximize 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. This approach positions us to drive shareholder value more effectively. By transitioning from an operator to a long-term investor in Malaysia’s leading player, we ensure continued benefit from the market’s opportunities without competing in other geographies.”
CompareHero was launched by MoneyHero in 2013. Jirnexu Sdn. Bhd. and its brand, RinggitPlus, was founded in 2013 and focuses exclusively on Malaysia. Prior to this transaction, CompareHero and RinggitPlus were the two key operators in Malaysia.
Mr. Murthy added: “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. This transaction reaffirms our commitment to the Malaysian market with a long-term, investor-focused approach, ensuring continued shareholder value and making financial decisions easier for consumers.”
