C88 Financial Technologies has closed its Series C round on $28m, with Experian leading the investment.
Other participants to the round included responsAbility Investments AG, DEG, InterVest, FengHe Fund Management, Pelago Capital and Fuchsia Venture Capital. Previous backers such as Monk’s Hill Ventures, Telstra Ventures, Kickstart Ventures and Kejora Ventures also supplied capital to the round. This round brings the company’s total funding to $45m.
The investment from Experian is also part of a new partnership which aims to increase the number of Southeast Asian consumers that have access to enhanced finances. The partnership will see Experian’s demand generation, analytics and digital on-boarding technologies implemented into C88’s brands CekAja.com and eCompareMo.com.
Singapore-headquartered C88 is a financial technology solution developer creating financial marketplaces, credit risk models and financially-specific AI services, among others. It currently operates CekAja.com in Indonesia and eCompareMo.com in the Philippines, with a new solution planned for launch in Thailand.
CekAja is a financial marketplace which helps consumers to manage their credit score and apply for better products and rates. Its solution also helps financial issuers and underwriters with access a cost-competitive sales distribution and improved customer acquisition.
eCompareMo helps banks and insurers to access new customers and lower costs through improved risk assessments. The solution also lets consumers to save money when taking out insurance policies or loans helping them building a credit history.
Experian Asia Pacific CEO Ben Elliott said, “In Southeast Asia, as little as 48 percent of more than 600 million people have access to a bank account. Exclusion from the traditional banking system makes it almost impossible for individuals and businesses to borrow or save money; significant barriers towards social and economic progress.
“Experian has been working closely with financial institutions and start-ups across Asia, including C88, to progress this. Together we are building an ecosystem in countries where traditional data is not readily available, and in the process making important leaps towards empowering consumers with enhanced financial access.”
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