Heaptalk, Jakarta — Privy’s digital signature and identity startup has seized a USD48 million Series C round, or approximately Rp744 billion, led by the global investment firm KKR. This round was also bolstered by existing investors, spanning MDI Ventures, GGV Capital, Telkomsel Mitra Inovasi (TMI), and new investor Singtel Innov8.
This capital will be utilized to reinforce its position as a digital signature and digital identity provider in Indonesia, increase the growth of new customers. In addition, Privy also plans to create products that enable people and businesses in the archipelago to access a more comprehensive range of services securely and expedite broader digital transformation.
Responding to this fresh injection, the CEO and Co-Founder of Privy, Marshall Pribadi, stated, “We are thrilled to welcome KKR firm to be a new investor of the startup. Their participation in this latest investment, alongside the continued support by our existing investors, is a testament to the progress we have made throughout Privy’s journey,”
He added that the company has a firm long-term conviction to build digital trust through the Privy platform among numerous digital transformation potentials in the country. With the support and global experience, combined with the contribution of the existing investors, Marshall claimed the platform is well-placed to innovate further with fresh offerings and powerful capabilities to build advanced fundamentals for overseas expansion.
On the other hand, this latest investment in Privy creates a solid commitment by the Indonesian government to expedite the digital transformation of the world’s fourth-largest population through four strategic industries, consisting of digital infrastructure, digital governance, digital economy, and digital citizenship, which contributed to the digital community in Southeast Asia.
Moreover, Indonesia’s digital economy is projected to attain USD146 billion by 2025, hoping to become Southeast Asia’s most significant digital economy valued at over USD300 billion by 2030. Thus, through the investors’ support, the Privy startup will also intend to expand into overseas markets to accelerate growth further.
Leading Privy’s Series C round, the Partner and Head of Growth Equity, Asia Pacific for KKR, conveyed, “Privy has established itself as a pioneer in Indonesia’s digital trust space with intense ambitions. We are excited about the company’s growth potential and the opportunity to elevate Indonesia’s digital transformation and prosperity,”
The Growth Technology Lead in Southeast Asia of KKR, Louis Casey, also noticed this startup had built an industry-leading platform that combines primary features, a user-friendly design, and robust infrastructure. Through this injection, Louis revealed the company intends to leverage KKR’s global network and operational expertise to take this platform to the upper level of growth and broaden the leadership in digital trust for individuals and enterprises in Indonesia.
Established in 2016, Privy is a leading digital trust app in Indonesia that grants trusted digital identity and legally binding digital signatures. The company offers various services, including digital identity, digital signature, digital verification, and document management products and services in multiple sectors: financial services, healthcare, and education.
In 2018, this digital platform became the first non-government institution to be licensed as a Certificate Authority (CA) by Indonesia’s Ministry of Communication and Information Technology. Afterward, this startup became the first electronic Know-Your-Customer service provider registered under Indonesia’s Financial Services Authority (OJK).
The company has obtained over 30 million verified users and around 1,800 enterprise consumers on its digital signature, digital verification, and subscription products and processes more than 40 million digital signatures annually.
