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Malaysian FinTech JurisTech acquired iMoney, a Malaysian website which provides financial guidance to individuals. The amount involved in this acquisition was not disclosed.
JurisTech is a software tech provider for various financial institutions like banks, telecom companies, and insurance providers in the South-East Asian market. The company was founded in 1997 in times of turmoil during the Asian Financial Crisis, and has always followed the motto, “The right software, exceptionally delivered”.
On the other hand, iMoney works to solve financial queries of individuals and provides them with guidance about personal finance. “It has been an incredible and satisfying journey in the past eight years empowering consumers to make intelligent decisions on money matters. Now, as part of JurisTech, we are excited to bring more enhanced capabilities to our clients and continue to serve our customers with impactful content and services” Lee Ching Wei, founder of iMoney, spoke about the acquisition.
iMoney has had a list of significant investors ever since it began operations in 2012. The list includes prominent investors like Australia’s iSelect, Jungle Ventures, Asia Venture Group, and IMJ Investment Partners.
The two companies are looking forward to developing B2B as well as B2C services together. Following the acquisition, the duo is expected to produce a long-range of fintech services for other businesses as well as other customers. They would implement services like digital onboarding of consumers, providing immediate decision making through Artificial Intelligence (AI), and straight-through processing.
Wai Hun, CEO of JurisTech and recipient of the EY Woman Entrepreneur of The Year 2019 award in Malaysia, commented about the merger, saying “We are delighted to have iMoney join us in our journey to expand our innovation by offering beyond just enterprise solutions to our clients. We are now poised to bring more value by offering a more holistic end-to-end solution to our clients. JurisTech and iMoney will help elevate and shape the future of the financial services industry.”
