Committed to accelerate the digital transformation of the world’s fourth largest population, Privy has partnered with KKR, a leading global investment firm.
They announced on Monday, November 14, the signing of definitive agreements that will allow KKR to participate as the lead investor in the $48 million Series C funding round. Other participants are existing investors MDI Ventures, GGV Capital and Telkomsel Mitra Inovasi, and new investors including Singtel Innov8.
Privy, a digital trust provider, said new investments will further strengthen its position as the leading digital signature and digital identity provider in Indonesia. It will also support the development of new consumer and enterprise products to enable Indonesians and businesses to access a wider range of services securely and accelerate broader digital transformation.
The Company also intends to expand into overseas market to further accelerate growth.
This latest investment on Privy is anchored on the strong commitment of the Indonesian government to accelerate digital transformation through four strategic sectors – digital infrastructure, digital governance, digital economy, and digital citizenship – and contribute to the development of the digital community in Southeast Asia.
Indonesia’s digital economy is projected to reach $146 billion by 2025 and become Southeast Asia’s largest digital economy valued at more than $300 billion by 2030.
Marshall Pribadi, CEO and Co-Founder of Privy, said he is thrilled to welcome KKR as among their new investors.
“Their participation in this latest fundraise, alongside the continued support by our existing investors, is 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,” he said.
Mukul Chawla, Partner and Head of Growth Equity, Asia Pacific for KKR, said they are excited of privy’s growth potentials as well as the opportunity to advance Indonesia’s digital transformation and prosperity.
Louis Casey, KKR’s growth technology lead in Southeast Asia, said they look forward to leverage KKR’s global network and operational expertise to take Privy to a new level of growth and extend its leadership in digital trust for individuals and enterprises in Indonesia and beyond.
Founded in 2016, Privy is a leading digital platform in Indonesia that provides a wide variety of services that include digital verification, and document management products and services in various sectors including financial services, healthcare, and education.
In 2018, it became the first non-government institution to earn a Certificate Authority (CA) from Indonesia’s Ministry of Communication and Information Technology. In 2019, it also became the first electronic Know-Your-Customer service provider to be registered under Indonesia’s Financial Services Authority.
Today, Privy is a market leader with over 30 million verified users and 1,800 enterprise consumers on its digital signature, digital verification, and subscription products, as it also processes more than 40 million digital signatures per year.