JurisTech Acquires Beleaguered iMoney for undisclosed sum
By Digital News Asia August 26, 2020
- Acquisition allows both companies to expand their services and solutions
- Lee Ching Wei finds buyer within a month of major investor, iSelect pulling out
The past month must have been a rollercoaster of emotions and stress but he managed to pull it off. Lee Ching Wei (pic), founder and CEO of personal finance company Intelligent Money Sdn Bhd which operates as iMoney has found a buyer willing to look long term and keep investing in the company till it turns the corner and becomes a profitable concern.
The terms of the acquisition were not disclosed in the announcement made today by Juris Technologies (JurisTech), a leading Malaysian-based fintech company, specialising in enterprise-class software solutions.
Lee’s initial shareholder, Australian-based iSelect had announced on Aug 3 that it had sold its majority 84.3% stake back to Lee for a nominal sum after a deal to bring in a new investor willing to further fund iMoney got scuppered by the economic uncertainties caused by the Covid-19 pandemic. It was in late 2017 that iSelect acquired its stake in iMoney for an initial US$3.1 million (RM13 million).
“With the world heading towards digital banking, banking is no longer just a transactional business but also an end-to-end experience for consumers, starting from education to holistic user experience. We are delighted to have iMoney join us in our journey to expand our innovation by offering beyond just enterprise solutions to our clients,” says See Wai Hun (pic, left), cofounder and CEO of JurisTech which counts banks, financial institutions, insurance providers and telecommunications companies in Malaysia, Southeast Asia, and beyond as customers.
“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. With their technology capabilities, we can now provide a better experience to consumers including more refined product matching capabilities and improve customer journey to make applying financial products easier,” says Lee.
Bullish on the combined strengths the combined entities can offer customers, See explains, “We are now poised to bring more value by offering a more holistic end-to-end solution to our clients. From marketing to consumers, onboarding consumers digitally, providing immediate decisioning through Artificial Intelligence and straight-through processing, JurisTech and iMoney will help elevate and shape the future of the financial services industry.”
“We realise our consumers deserve to understand and learn more about any financial products before applying or investing in them. By offering financial marketing services to our partners, we are able to make a bigger impact in educating Malaysians on banking and financial products,” added Lee.
Launched in 2020, iMoney started out offering advertising on its website and other digital assets and content marketing services to its partners, but due to demand from its partners, it has extended its offerings to financial services marketing. This includes marketing services such as brand and marketing campaigns, creative services, content marketing, digital marketing as well as social media campaigns and content.
“iMoney is already a well-known brand in Malaysia for its efforts in lifting the financial well-being of Malaysians. By bringing the two businesses together gives us a fantastic platform to offer complete solutions for both B2B and B2C partners in the finance and banking industry. The iMoney and JurisTech teams are already working closely together and sharing their expertise in technology and financial services marketing,” said See.
She adds that faster loan approvals and accurate matching of the right financial products for consumers can only be achieved with superior technology coupled with consumer know-how.
“It has been an incredible and satisfying journey in the past eight years empowering consumers to make intelligent decisions on money matters. We are proud that our team has grown and expanded our expertise to help our partners in the banking and finance industry to collaboratively educate consumers in their personal finance.
iMoney’s websites and services are leveraged by millions of consumers in Malaysia, and the iMoney Learning Centre has become a key guide for all generations to educate themselves on personal finance. It also serves as a platform for some of the largest banks, insurance companies, takaful operators and government bodies, to reach consumers and educate them on money management and financial products.