MoneyHero Restructures Malaysian Operations, Sells CompareHero to Jirnexu

MoneyHero Limited, a Nasdaq-listed platform for personal finance and digital insurance aggregation in Southeast Asia, has announced a strategic acquisition involving its subsidiary CompareHero.

Under the terms of the agreement, CompareHero, which operates solely in Malaysia, will be acquired by Jirnexu Sdn. Bhd., the operator of RinggitPlus and the country’s largest B2C financial services platform.

This transaction marks a pivot in MoneyHero’s approach within the Malaysian market, aiming to enhance its strategic positioning and long-term growth prospects. Although specific terms of the deal remain confidential, it is expected to close by early July 2024.

Rohith Murthy, CEO of MoneyHero, emphasized the strategic nature of the deal, stating:

We are pivoting our Malaysia strategy to align with our next growth phase. This transaction allows us to maximize the value of our interests in Malaysia, both in the near and long term, and reallocate resources towards stronger growth opportunities in our core markets—Singapore, Hong Kong, Taiwan, and the Philippines.

MoneyHero will retain an equity stake in Jirnexu Pte. Ltd., the parent company of Jirnexu Sdn. Bhd., ensuring its continued involvement in the Malaysian market.

This move is seen as transitioning from an operator to a long-term investor in Malaysia’s leading fintech entity, thereby avoiding direct competition in other geographies and focusing on maximizing shareholder value.

CompareHero was launched in 2013 by MoneyHero and quickly became one of the top platforms in Malaysia for comparing personal finance products.

Its acquisition by Jirnexu Sdn. Bhd., which also founded RinggitPlus in the same year, is expected to leverage synergies between the two platforms to enhance service delivery and innovation.

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.

According to the announcement, the strategic shift underscores MoneyHero’s commitment to refining its investment strategy and enhancing its market presence in Malaysia, aiming to provide more streamlined and effective financial services to consumers.

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