Indonesia’s SkorLife grabs US$4M seed funding led by Hummingbird Ventures
Published on May 24, 2023
Earlier today, Indonesia-based fintech company SkorLife announced that it raised a US$4 million seed funding round led by global tech investor Hummingbird Ventures, with participation from Bolt by QED. Existing investors AC Ventures and Saison Capital also joined the round.
SkorLife Co-founder and CEO Ongki Kurniawan said, “We are thrilled to welcome Hummingbird Ventures and Bolt by QED as new backers of SkorLife. Their global presence, coupled with deep expertise in this sector, truly resonates with our ambitious vision. Their strong belief in our thesis only fortifies our commitment to revolutionizing the credit industry in Indonesia.”
Hummingbird Ventures’ Asia Lead, Akshay Mehra, said, “We believe there is scope to build a consumer brand around credit in Indonesia, and are convinced that Ongki and Karan are the right founders to bring this to fruition. Having seen these models work in other parts of the world, we’re excited to apply our learnings and partner with the founders to create a generational company out of Indonesia.”
SkorLife will use the fresh capital to further its product development, build out its brand awareness in the market, expand its team, and propel company growth in general.
The startup, a credit tech player in Indonesia, 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 get exceptional scores and access better credit.
Indonesians’ lack of access to fair credit can be attributed to the mass market’s limited knowledge of how credit works and, therefore, how to become responsible borrowers. SkorLife asserts that when locals have a clearer understanding of their credit profiles, they will make the effort to obtain the knowledge and skills needed to improve their creditworthiness and financial reputation. This, in turn, grants them access to fairer credit opportunities, benefiting society at large in the long run.
SkorLife Co-founder and President Karan Khetan explained, “With the funds we’ve raised, SkorLife is poised to accelerate its mission of promoting responsible borrowing and fair credit practices in Indonesia. We are dedicated to driving financial literacy amongst individuals and communities.”
Partner and Head of Asia at QED Investors Sandeep Patil added, “We at QED Investors are incredibly excited to join SkorLife’s bold mission. 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 Indonesians. 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.”
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. SkorLife is also part of the regulatory sandbox under the Financial Planner cluster, which provides the company with flexibility in testing new business models. SkorLife invested significantly in information security and has obtained ISO 27001 and ISO 27701 certifications for its information security management system and privacy information management system, respectively.
AC Ventures’ Founder and Managing Partner Adrian Li added, “SkorLife is revolutionizing the Indonesian market by addressing the real problem of financial inequality, and ACV 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, SkorLife is paving the way for a more inclusive and prosperous future for all Indonesians.”