C88 also operates financial products comparison platform eCompareMo in the Philippines, with plans to open a new company in Thailand
C88 Financial Technologies, which operates financial marketplaces CekAja.com in Indonesia and eCompareMo.com in the Philippines, has secured US$28 million in an over-subscribed Series C funding round from a clutch of investors, led by strategic investor Singapore-based information services company Experian.
The round also saw participation from Germany’s responsAbility Investments, DEG, InterVest, FengHe Fund Management, Pelago Capital and Fuchsia Venture Capital, as well as existing investors Monk’s Hill Ventures, Telstra Ventures, Kickstart Ventures and Kejora Ventures.
This takes C88’s total funding raised to date to over US$45 million.
Experian’s investment also comes with a commercial partnership with C88 and its brands.
As per the agreement, Experian software and decisioning solutions will be embedded into CekAja.com and eCompareMo.com and with its large partner distribution network. With this, consumers will be able to be better matched to products they are eligible for. This will be particularly applicable to those consumers with little financial history. On the other hand, financial institutions will be able to deploy Experian’s demand generation, analytics and digital on-boarding technologies directly via C88.
“In Southeast Asia, as little as 48 per cent 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,” Ben Elliott, Chief Executive Officer, Asia Pacific, Experian said.
“Experian has been working closely with financial institutions and startsups 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,” he added.
C88 serves banks and financial institutions of all size and focus in Indonesia, the Philippines and Thailand providing them with bespoke asset and liability origination and sales distribution services, credit data services, and Big Data services. Since its founding, the fintech company claims to have served over 50 million customers in Indonesia and the Philippines. It is now opening its third financial marketplace in Thailand.
John Patrick Ellis, Co-founder and CEO of C88, said: “There are over 350 million consumers in Indonesia and Philippines alone. We’re confident that we can drive a positive impact in our societies and communities by unlocking previously inaccessible financial products and services.”
Experian provides data and analytical tools to clients around the world. From buying a home or a car, to sending a child to college, to growing a business by connecting with new customers, the company helps individuals take financial control and access financial services; businesses to make smarter decisions; and organisations to prevent identity fraud and crime.
London Stock Exchange-listed Experian has 16,500 people operating across 39 countries.
In October 2017, the company led a US$30 million Series D investment in India’s BankBazaar.
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