CekAja’s Parent C88 Financial Technologies Raises US$28M from Experian, Kejora Ventures, and others

 

C88 Financial Technologies Group (C88), a parent company to CekAja.com raises a Series C investment of US$28 million or around Rp. 404.36 billion from a various of investors, including existing investors Kejora, led by strategic investor Singapore-based information services company Experian.

 

Kejora Venture has supported C88 since day one, and continue the support for this Series C Funding. Other participants in this Series C including 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, and Kickstart Ventures.

 

CekAja.com together with Experian signed a memorandum of understanding (MoU) on Wednesday, 1st August 2018.

 

Chief Executive Officer of Asia Pacific Experian, Ben Elliott, said “At least 48% of the 600 million people in Southeast Asia have access to banking. Exceptions to the traditional banking system that almost makes individuals and businesspeople difficult to borrow or save significant barriers affect social and economic progress. Experian has collaborated with financial institutions and startups in Asia, including CekAja.com, for this progress. We are very pleased with this partnership because it  shows our commitment to the Asia Pacific region.’’

 

To the date, CekAja.com has served more than 25 million users since it was first established in 2015. This number makes CekAja.com as one of fastest growing financial marketplace in Southeast Asia.

 

Through this strategic investment and partnership, Experian will provide demand generation, analytics and digital on-boarding technology for CekAja.com. Through these technologies, consumers will be directed to products that fit their needs and criteria. This will a significant help, especially for consumers who have little financial history. For financial institutions this enables them to apply their best technology in class to demand generation, analytics, and digital on-boarding via CekAja.com directly, supported by Experian.

 

John Patrick Ellis, Co-Founder and Group CEO of CekAja.com also mentioned: “We are very proud to have one of the biggest rounds of Series C fintech in Southeast Asia, especially from investors who share the same vision to empower consumers and drive financial inclusion in Indonesia. There are more than 350 million consumers, only in Indonesia and the Philippines alone. We believe that we can have a positive impact on our communities and communities by opening access to financial products and services. ”

 

Indonesia has been the main market for Experian in Southeast Asia, since its first arrival in Jakarta in 2015. Experian in Indonesia has experienced an increase in revenue growth and also plans to double their team in this country, driven by partnerships with several leading financial and telecommunications provider.