KUALA LUMPUR, Sept 6 – Indonesia-based credit tech start-up SkorLife has raised a US$2.2 million pre-seed funding round from a group of high-profile investors – AC Ventures and Saison Capital.
The company’s new funding will be used for product development, driving awareness for the app, and expanding its workforce from 19 to 40 people.
The fundraiser also saw participation from Google and Boston Consulting Group. Founded in October last year, SkorLife helps individuals check their credit scores from Indonesia’s bureaus for free. For people who have no credit history, such as fresh graduates and freelancers, the firm helps them build good credit scores and get loans from financial institutions.
There are 92 million credit records in the country’s bureaus, with 2.5 million new additions per year. However, most Indonesians currently have no access to that information. SkorLife was established by former Grab and Stripe Executive Ongki Kurniawan along with serial entrepreneur Karan Khetan.
The alpha version of its app has been downloaded 3,000 times with 60 new users per day, and it will be available to the public soon.
SkorLife Chief Executive Officer Ongki Kurniawan said through their service, individuals will be able to build and improve their credit profiles with features such as personalized tips and advice. “We will also help bring more NTC users into the fold,” he said in a statement.
Adrian Li, founder and managing partner of AC Ventures, expressed his confidence. “This opportunity in Indonesia is massive. Even as the space is relatively untapped, the consumer credit market size is already north of US$185 billion. That said, it has always been a challenge here because lenders have never been able to draw truly holistic conclusions about borrowers based on limited and fragmented information,”
“But with these data troves just waiting to be unlocked and used meaningfully in a consumer-facing app, we are excited about SkorLife’s vision and mission of putting people back in charge of their financial futures.”
SkorLife is a credit-tech start-up that aims to give control back to consumers by letting them take more ownership in building and maintaining their credit scores.
The platform offers a credit builder for individuals to access and monitor their credit scores, credit reports, and other relevant data from credit bureaus – instantly and for free.
Edited by Joan Santani