Privy, a provider of digital trust in Indonesia, has bagged $48m for its Series C funding round, which was led by private equity giant KKR.
Other commitments came from existing backers MDI Ventures, GGV Capital and Telkomsel Mitra Inovasi, as well as first-time investor Singtel Innov8.
With the funds, the RegTech company plans to bolster its position in Indonesia. It will also build new consumer and enterprise products that enable users to access a wider range of services securely. Funds will also be used to help Privy expand internationally.
Privy believes this investment is a testament to the rising digital economy in Indonesia. It stated the country’s digital economy is expected to reach $146bn by 2025 and to become Southeast Asia’s largest digital economy valued at over $300bn by 2030.
Founded in 2016, Privy is a digital trust platform in Indonesia that provides trusted digital identities and legally binding signatures. Its products include digital identity, digital verification and document management products and services. Its technology is used within finance, healthcare and education.
In 2018, the RegTech company became the first non-government institution to be licensed as a Certificate Authority by Indonesia’s Ministry of Communication and Information Technology. A year later, it also became the first electronic Know-Your-Customer service provider to be registered under Indonesia’s Financial Services Authority.
The company boasts over 30 million verified users and 1,800 enterprise consumers on its digital signature, digital verification, and subscription products. It processes over 40 million digital signatures each year.
Speaking on the investment, KKR growth technology lead in Southeast Asia Louis Casey said, “Privy has built an industry-leading platform that combines prime features, a user-friendly design, and secure and robust infrastructure.
“We look to leverage KKR’s global network and operational expertise to take Privy to its next level of growth and extend its leadership in digital trust for individuals and enterprises in Indonesia and beyond.”
The private equity firm tapped its $1.5bn Asia Next Generation Technology fund for the deal. KKR has made a handful of investments in Southeast Asia recently. It has backed business-to-business e-commerce platform GrowSari and Vietnam-based merchant platform for SMEs KiotViet.
Indonesia’s FinTech sector has already experienced a record year for funding. In the first six months of the year a total of $1.8bn was raised across 51 deals, which is compared to the $1.6bn that was raised in the whole of 2021.
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