From left, Dev Dhiman, managing director for Southeast Asia and emerging markets at Experian; Ben Elliott, Asia Pacific chief executive at Experian; Agatha Simanjuntak, president director of CekAja.com; and Patrick Ellis, CekAja.com co-founder and group chief executive. (Photo courtesy of Experian)
Experian Leads $28m Funding Round for Singapore's C88 Financial Technologies
BY :SARAH YUNIARNI
AUGUST 02, 2018
Jakarta. United Kingdom-based consumer credit reporting agency Experian has led a $28 million investment for Singapore-based C88 Financial Technologies Group, which owns and operates Indonesia and the Philiphine-based fintech companies CekAja and eCompareMo.
The funds will be used to boost technology systems and expand business in the two Southeast Asian countries.
Experian and C88 signed the agreement on Wednesday (01/08).
CekAja operates a website that compares various financial institutions and their products, ranging from cable TV services, insurance, loans, internet access to bank deposits. It also offers a free consultation service that allows clients to speak directly with financial experts.
"We are very proud to secure the funding round and share our vision to empower consumers and encourage financial inclusion in the region," John Patrick Ellis, CekAja.com co-founder and group chief executive, said in a statement on Wednesday.
Other venture capital funds, including ResponAbility Investments, DEG, InterVest, FengHe Fund Management, Pelago Capital and Fuchsia Venture Capital, as well as existing investors Monk's Hill Ventures, Telstra Ventures, Kickstart Ventures and Kejora Ventures, also participated in the funding round.
Experian will use the investment to provide tech analytics, digital onboarding and demand generation. The new tech will allow consumers to match their needs with several choices. It is suitable for new customers with limited knowledge of financial matters and investments.
Widening Access to Financial Products
The funding round was prompted by the expansion of CekAja, which now has 25 million customers in Indonesia. The company provides services to retail consumers and micro, small and medium enterprises.
"With more than 350 million consumers in Indonesia and the Philippines, we believe we can have a positive impact on our communities by opening wider access to financial products and services," Ellis said.
Experian, which operates in 37 countries, collects and aggregates data from more than a billion people and businesses. It also offers marketing assistance and decision analytics for businesses.
Indonesia has become Experian's main market in Southeast Asia since the company expanded to the country in 2015.
The company, supported by partnerships with several financial and telecommunications providers, plans to double its team in the country amid growing revenue.
"This strategic partnership and investment symbolize Experian's commitment to Indonesia, a country with a strong focus on financial inclusion, which we have seen as a positive effort in the economy in recent years, while also one of the most digitally advanced countries in the region," said Dev Dhiman, managing director for Southeast Asia and emerging markets at Experian.