The Australian-based venture capital, Telstra Ventures has decided to invest in Singapore-based C88 Financial Technologies, a holding financial service which operates financial products comparison websites, CekAja.com in Indonesia and eCompareMo.com in the Philippines to boost market branding, the company announced in a statement sent to Jakarta Globe on Friday (30/9). (JG Screenshot)
Fintech Company C88 Receives Funding From Australian-Based Venture Capital Firm
BY :SARAH YUNIARNI
OCTOBER 01, 2016
Bandung. Australian-based venture capital firm Telstra Ventures has invested in Singapore-based C88 Financial Technologies, a holding financial service operation financial product comparison websites, the company announced in a statement sent to the Jakarta Globe on Friday (30/09).
CekAja.com in Indonesia and eCompareMo.com in the Philippinnes will use the funding to boost market branding and expansion. CekAja.com is operated by Puncak Teknologi Indonesia and Puncak Finansial Utama.
The series-B funding round was motivated by the increasing online user base, with the company seeing greater opportunities in the Philippine and Indonesian markets.
This marks the fourth venture investment in Asia from Telstra Ventures in the last 12 months.
Meanwhile, the new investment has created collaboration opportunities with financial institutions across the Asia Pacific region and through Telstra's Indonesia joint venture Telkomtelstra. C88 also co-operations Premiro.com, a licensed insurance e-brokerage services provider for small and medium enterprises and individuals in Indonesia.
“CekAja.com in Indonesia and eCompareMo.com in the Philippines are connecting banks and insurers with consumers across a number of products, in which the website offers ‘apply now’ functionality to consumers that is directly linked to the issuing bank or insurer,” Telstra Ventures managing director Matthew Koertge sai.
Matthew also added that the websites are easy to use and has educated users about various financial institutions and products, ranging from insurances, loans, bank deposits to internet and TV cable units.
Aside from financial products comparison, CekAja.com and eCompareMo.com also features the facility to ask financial experts and offers free consultation through the phone calls.
“We aim at pushing into mass market branding as we continue to employ our significant scale and focus to help customers save time and money, help our partners cost-competitively on-board new customers at scale, and help our key regulatory partners continue to shape an equitable financial services technology sector rooted in transparency and inclusion,” C88 co-founder and group chief executive J. P. Ellis said.
C88 also receives funding from existing investors, including Singapore-based Monk’s Hill Ventures and local firm Kejora Ventures. Singapore-based Captii Ventures, United Kingdom-based Altitude Partners, Jasrag Investments and several other international investment groups and high net worth individuals from Indonesia and Malaysia also participated in the round.