Heaptalk, Jakarta — Indonesia’s Skorlife parent company, Skor Technologies, gains a Pre-A funding round worth US$6.2 million, spearheaded by Argor Capital. Existing investors, including QED Investors, Saison Capital, and newcomer Digital Currency Group, are also involved in elevating the company’s total funding to over US$12 million.
The capital infusion will scale operations, bolster the team, and enhance product offerings. Skor Technologies will also accelerate its growth by focusing on its digital-first credit card, Skorcard, to address the underserved credit market in Indonesia.
Indonesia’s credit card penetration remains strikingly low at under 3%, starkly contrasting with neighboring countries like Thailand and Malaysia, which have penetration rates of 8% and 20%, respectively. Additionally, a 2022 survey by the Financial Services Authority (OJK) revealed that financial literacy in Indonesia is below 50%, with many consumers unaware of their credit scores or how to improve them. This knowledge gap, coupled with high credit rejection rates, leads to consumer frustration and limited access to credit.
Ongki Kurniawan, Co-founder and CEO of Skor believes that Indonesia is a supply-constrained market for credit-line products. He said now is the right time to solve this growing consumer need, starting with a digital-first credit card.
“The opportunity to build a 2 million card base customer, along with the company’s bank partners, exists. We are incredibly motivated to make this a reality,” he added.
Furthermore, Skor Technologies aims to address these challenges by introducing Skorcard, a digital-first credit card in collaboration with Bank Mayapada International. The company has invested in setting up card operations, testing market demand, and ensuring a robust risk framework. Their approach includes a purpose-built mobile app with gamification elements to engage users and enhance financial literacy.
Skor Technologies plans to reach 2 million cardholders this year and surpass US$100 million in transaction volume within the same year. With this business target, the team will boost its growth strategy by strengthening partnerships and focusing on unique, user-centric financial products.
“We see tremendous potential for growth in the Indonesian consumer credit market and are excited to back Skor with its distinct product offerings and vastly experienced management team. Skor’s leadership team has a combination of deep domain expertise, a thorough understanding of the pain points in the Indonesian consumer credit market, and a strong network of relationships in the financial services ecosystem.” Partner of Argor Capital, Sid Pisharody, concluded.
