SkorLife will tackle its seed fund to further its product development, build its brand awareness, expand its team, and propel company growth.
Heaptalk, Jakarta — Indonesia-based fintech company, SkorLife, announced its newest achievement by seizing a seed funding round worth US$4 million. The startup will allocate the fresh injection to further its product development, build its brand awareness, expand its team, and propel company growth.
The global tech investor Hummingbird Ventures is known to lead this funding, with participation from QED Investors. Also, multiple existing investors involves in this investment round, including AC Ventures and Saison Capital.
In response to this funding, SkorLife‘s Co-Founder and CEO, Ongki Kurniawan, voiced, “We are thrilled to welcome Hummingbird Ventures and QED Investors as new backed of us. Their global presence and deep expertise in this sector resonate with our ambitious vision. Their strong belief in our thesis only fortifies our commitment to revolutionizing the credit industry in Indonesia,”
As a credit tech player, this startup is pioneering a new category in the country. Co-founded by experienced professionals Ongki Kurniawan and Karan Khetan, the company offers a credit builder that allows users to instantly access their credit scores and credit reports from the country’s credit bureaus and provides personalized advice and tips for users to obtain exceptional scores and access better credit.
Leading this investment round, Hummingbird Ventures’ Asia Lead, Akshay Mehra, believes in discovering a scope to build a consumer brand around credit in Indonesia. After observing the models work in other parts of the world, Mehra intends to apply learning and partner with the founders to create a generational company out of Indonesia.
A lack of access to fair credit for society in the country can be attributed to the mass market’s limited knowledge of how credit works. SkorLife asserts that when locals understand their credit profiles, they will try to obtain the knowledge and skills needed to improve their creditworthiness and financial reputation. This matters, in turn, grants them access to fairer credit opportunities, benefiting society in the long run.
With the funds raised, the Co-Founder and President of SkorLife, Karan Khetan, affirmed SkorLife is poised to expedite its mission of promoting responsible borrowing and fair credit practices in the archipelago and aim to drive financial literacy amongst individuals and communities.
The Founder and Managing Partner of AC Ventures, Adrian Li, noticed this startup had revolutionized the Indonesian market by addressing the fundamental problem of financial inequality. For this reason, this venture capital firm is honored to be an early investor and generational partner of the company. Through its mission to bring financial fairness and freedom to the market, Adrian recognized SkorLife had unlocked the way for a more inclusive and prosperous future for society.
Since opening to the general public in September of last year, the SkorLife app has already earned the trust of hundreds of thousands of users in managing their credit profiles. The startup is also part of the regulatory sandbox under the Financial Planner cluster, which allows the company to test new business models. This company invested significantly in information security and has obtained ISO 27001 and ISO 27701 certifications for its information security and privacy information management systems.
“Ongki and Karan bring together in-market experience and know-how that will undoubtedly contribute to a more inclusive financial ecosystem that benefits millions of people in the archipelago. Our extensive experience in this space, particularly within emerging markets in APAC, positions us as a powerful ally in SkorLife’s pursuit of financial empowerment in Indonesia,” Partner and Head of Asia at QED Investors, Sandeep Patil, said.
