Jakarta-based digital signature and identity company Privy has secured $48 million in a Series C funding round led by KKR.
Existing investors MDI Ventures, GGV Capital, Telkomsel Mitra Inovasi and new investor Singtel Innov8 were also involved.
Privy will use the funds to support the development of its new consumer and enterprise products. The company also intends to expand into overseas markets to further accelerate growth.
A year ago, Privy announced a $17.5 million Series B funding round led by GGV Capital.
Also Read: PrivyID Is Indonesia’s Answer to DocuSign and Just Raised Pre-Series A Funding
Founded in 2016, Privy offers trusted digital identities and legally binding digital signatures. The Company provides a wide range of services including digital identity, digital signature, digital verification and document management products and services across multiple sectors including financial services, healthcare and education.
In 2018, Privy became the first non-governmental institution to be licensed as a Certification Authority (CA) by the Indonesian Ministry of Communications and Information Technology. In 2019, it became the first know-your-customer electronic service provider to be registered with the Financial Services Authority of Indonesia.
Today, Privy has more than 30 million verified users and 1,800 enterprise customers for its digital signature, digital verification and subscription products, and processes more than 40 million digital signatures per year.
Louis Casey, KKR’s growth technology leader in Southeast Asia, said: “Privy has built an industry-leading platform that combines best-in-class features, a user-friendly design, and a secure and robust infrastructure. We look to leverage KKR’s global network and operational expertise to take Privy to the next level of growth and expand its leadership in digital trust for individuals and businesses in Indonesia and beyond.”
Indonesia’s digital economy is projected to reach US$146 billion by 2025 and become Southeast Asia’s largest digital economy by 2030, valued at more than US$300 billion.
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Leading the $48 million Series C round by Indonesian eKYC firm Privy, the post KKR appeared first on e27.