Skorlife, Indonesian FinTech start-up, secures $4m in seed funding

Skorlife, Indonesian FinTech start-up, secures $4m in seed funding

Skorlife, the Indonesia-based FinTech start-up focused on improving credit score transparency, has successfully raised $4m in a seed funding round.

The funding round was spearheaded by Hummingbird Ventures, attracting further investment from QED Investors as well as repeat investors AC Ventures and Saison Capital, according to a report from TechCrunch.

Skorlife, co-founded by Ongki Kurniawan and Karan Khetan, is a pioneering platform that allows Indonesians to view their credit scores and reports from Indonesia’s credit bureaus. The platform additionally offers personalised advice to help users improve their credit scores, thereby providing a safeguard against identity theft.

With this fresh injection of funds, Skorlife aims to enhance product development, amplify marketing efforts and expand its team. The start-up is uniquely positioned in the market, catering to a demographic that has typically found it challenging to access affordable credit products.

Skorlife has accomplished several milestones since its launch, including achieving 100,000 downloads and gaining admittance into a regulatory sandbox overseen by the Financial Services Authority (OJK) of Indonesia. It is also the proud recipient of ISO 27001 and ISO 27701 certifications, further establishing its credibility in the market.

Kurniawan, sharing his vision for Skorlife, explained that many Indonesians have limited access to fair credit because banks and financial institutions tend to be very conservative about approvals due to lack of a robust credit scoring infrastructure and data. He highlighted that Skorlife’s solution caters to those individuals with prime or near-prime credit who have strong repayment histories but still don’t qualify for affordable credit products.

Before this round, Skorlife raised $2.2m in pre-seed funding announced in September, showing a consistent upward trajectory in its growth journey.

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