Jakarta, Indonesia-based digital trust provider Privy raised USD 48 million in recent funding. The Series C round took place on November 14, 2022. KKR led the financing for the firm. Meanwhile, existing investors MDI Ventures, GGV Capital and Telkomsel Mitra Inovasi (TMI) joined in the funding. Besides, the round saw participation from new investor Singtel Innov8.
Purpose of financing for Privy
The recent investment from Series C will aid in strengthening the company’s position as a digital signature and digital identity provider in Indonesia. Besides, Privy seeks to support the development of new consumer and enterprise products. The company aims to enable Indonesians and businesses to securely access a wider range of services. In addition, Privy has plans to accelerate broader digital transformation.
With the support of new and existing investors, the company also intends to expand into overseas markets to further fuel growth.
What the co-founder of the company has to say
Marshall Pribadi, CEO and Co-Founder of Privy, said, “We are thrilled to welcome KKR as among our new investors. Their participation in this latest fundraise, alongside the continued support by our existing investors, is a testament to the progress we have made over the course of Privy’s journey and the conviction in our long-term vision of building digital trust through our platform and the potential of Indonesia’s digital transformation.”
Pribadi further added, “With KKR’s support and global experience, combined with the support of our existing investor MDI Ventures, GGV Capital, and TMI, who have played an important role in helping us to achieve our success so far, Privy is well-placed to innovate further with new offerings and stronger capabilities and build a strong foundation for overseas expansion.”
What the investor has to add
Louis Casey, KKR’s growth technology lead in Southeast Asia, said, “We look to leverage KKR’s global network and operational expertise to take Privy to its next level of growth and extend its leadership in digital trust for individuals and enterprises in Indonesia and beyond.”
About the company
In 2015, founders Guritno Adi Saputra and Marshall Pribadi launched the company. Privy provides trusted digital identities and legally binding digital signatures. The company offers a wide range of services such as digital identity, digital signature, digital verification, and document management products and services spanning across a range of sectors, including financial services, healthcare, and education.
Privy is the market leader, with more than 30 million verified users and 1,800 enterprise consumers on its digital signature, digital verification, and subscription products. It processes more than 40 million digital signatures per year.
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