Jakarta-based fintech startup SkorLife has secured US$4 million in seed funding in a bid to enhance financial fairness and freedom in Indonesia, a market opportunity estimated to be worth US$185 billion.
The funding round was led by Hummingbird Ventures, with participation from QED Investors, AC Ventures, and Saison Capital.
SkorLife, the first credit builder in Indonesia, enables users to check their credit scores, gain tips for credit improvement, and monitor for identity misuse.
The company aims to address the problem of limited access to fair credit in Indonesia by promoting credit education, providing tools for credit enhancement, and fostering responsible borrowing.
CEO Ongki Kurniawan remarked, “We are thrilled to welcome Hummingbird Ventures and QED Investors as new backers of SkorLife. Their strong belief in our thesis fortifies our commitment to revolutionizing the credit industry in Indonesia.”
Hummingbird Ventures’ Asia Lead, Akshay Mehra, expressed faith in SkorLife’s potential to build a trusted consumer brand around credit in Indonesia, while AC Ventures’ Founder, Adrian Li, hailed the company’s mission to mitigate financial inequality.
The fresh capital will drive SkorLife’s product development, boost its brand awareness, expand its team, and accelerate overall growth.
The company offers a novel credit tech solution in Indonesia, allowing users to instantly access their credit scores and obtain personalized advice for credit enhancement.
Co-founder Karan Khetan emphasized, “With the funds we’ve raised, SkorLife is poised to accelerate its mission of promoting responsible borrowing and fair credit practices in Indonesia.”
Since launching last year, SkorLife’s app has gained the trust of hundreds of thousands of users. The company is part of the regulatory sandbox under the Financial Planner cluster, allowing flexibility in testing new business models.
Additionally, SkorLife has obtained ISO 27001 and ISO 27701 certifications, indicating significant investment in information security.