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KreditGoGo Parent Company Records a Series B Funding Worth of 155 Billion Rupiah

Focusing on technology development and talent recruitment for expansion

Randi Eka - 18 May 2018

Jirnexu, a parent company of the financial aggregator "KreditGoGo", announces the closing round of series B funding worth of $11 million (equal to Rp155 billion). It is led by Japanese Venture Capital, SBI Group. SIG Asia Investments also participated in this round. Previously, the company has managed to acquire $4,5 million in series A funding round. In total (all rounds), the company has raised around $17 million.

Yuen Tuck Siew, CEO of Jirnexu, said in his speech that the previous funding has led the company into rapid development, going 100% year-on-year in 2017. This year, they are hoping to make it bigger than before. In Indonesia, KreditGoGo business unit is not really subtle, meanwhile, in Malaysia, it becomes one of the largest units in regional fintech landscape.

Jirnexu last year's focus is to develop white-label product "XpressApply" for the automation of marketing, sales, and product shipping used by financial institutions. The technology is now integrated for RinggitPlus service in Malaysia and KreditGoGo in Indonesia. In terms of consumers, it offers comprehensive financial products feature qualification.

Partners with RBH bank, Jirnexu has launched a chatbot for the online personal lending process. It is claimed to be the first in Southeast Asia. The service called XpressApply, it allows financial institutions to manage transaction and demand easier through familiar instant messaging platform used by customers.

"The next step of the technology roadmap, we'll be launching various solutions for financial institutions, including digital technology for consumer identification and eKYC (Electronic Know Your Customer), that capable of providing very personal and relevant financial products. Next year, Jirnexu will automate the digital risk assessment and customer verification," Yuen Tuck Siew, said.

In addition, the Series B funding will be allocated to upgrade human resources. Specifically for RinggitPlus, the company is looking for a new CTO and Head of Digital Marketing, for the expansion plan in the near future. In the meantime, there's no particular agenda for KreditGoGo in this strategic plan post-series B funding.

KreditGoGo got its own fight in Indonesia's tight competition without special recognition from the parent company. On the other hand, there are several players start dominating the market with similar services in Indonesia, such as Cermati, CekAja, DuitPintar, and HaloMoney.

Original article is in Indonesian, translated by Kristin Siagian

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