Kuala Lumpur, Malaysia – Local fintech company Jirnexu has announced the acquisition of CompareHero, the B2C brand exclusively operated by MoneyHero in Malaysia. Moreover, MoneyHero will retain an equity stake in Jirnexu to enhance its long-term strategy for the Malaysia market.
Through this transaction, CompareHero’s website, domain names, select user data, and IP rights will be acquired by Jirnexu. When the transaction is completed, the CompareHero brand will continue in operation under the world-class systems of Jirnexu moving forward. Terms of the deal, expected to close in early July 2024, are confidential.
CompareHero was launched by MoneyHero in 2013. Jirnexu 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.
Rohith Murthy, CEO of MoneyHero, said, “We are pivoting our Malaysia strategy to align with our next growth phase. 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.”
He 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.”
