Jakarta-based startup PrivyID that provides digital signature and universal identity services has recently raised US$17.5 million in a Series B funding round led by GGV Capital, a Global Venture Capital powerhouse.
The funding round was also joined by returning investors Telkomsel Mitra Inovasi, MDI Ventures, Gunung Sewu Group, and Mandiri Capital along with participation from new investors- Buana Sejahtera Group and Endeavor Catalyst.
PrivyID aims to use the fresh funding to expand its information technology and security infrastructure, which is presently holding digitally signed documents and the digital identity of several enterprises, including multinational institutions like Manulife, Zurich, WWF, ISS, Phillip Morris, and Kelly Services.
The company also claims that it has extended its digital signature business into the European Union countries by partnering with a higher education SaaS provider, Zettabyte.
According to data from Statista, the digital identity solution market is expected to grow from the current $23.2 billion to $49.5 billion by 2026. In the Southeast Asia region, the other major players in this space are India-based startups e-Mudhra and SignEasy.
Jenny Lee, managing partner at GGV Capital said, “Privy has one of the strongest founder-market fits in the digital identity and access management space, with the core founding team having more than 30 years of combined experience in law, regtech, fintech, and cyber security including white-hat hacking.”
Founded in 2016 by Guritno Adi Saputra and Marshall Pribadi, PrivyID offers a platform that enables users and enterprises to digitally sign and transfer documents online with an integrated audit trail by using electronic identity verification technology that works across platforms.
Since its inception, the startup claims that its services have been trusted by more than 205 companies and about 4.5 million individual users in the country. PrivyID boasts of enabling about 18.5 million users to open stock trading accounts, bank savings accounts, insurance policies, apply for credit cards, sign rental contracts, a motor vehicle, take loans from leading FinTech companies, submit invoice financing, and accept job offers without the need to sign on the hard copy of documents or travelling.
The startup is the only digital player that has passed the central bank’s regulatory sandbox. PrivyID has projected that its daily transactions will grow from 100,000 per day to 800,000 per day in the next two years.
PrivyID envisions to be a global leader in electronic identification and authorization by enabling organizations, humans, and machines to communicate seamlessly while safeguarding confidentiality, authenticity, access control, integrity, and non-repudiation.