Skor Technologies Secures $6.2 Million to Fuel Expansion of Digital Credit Solutions in Indonesia

Skor Technologies, the parent company behind Skorlife and the newly introduced Skorcard credit card in Indonesia, has secured $6.2 million in a pre-Series A funding round. The round was led by Argor Capital, a venture capital firm having focused on SE Asia, with support from returning investors QED Investors and Saison Capital, alongside new investor Digital Currency Group. 

With the support of these key investors, the company plans to expand its offerings, including Skorlife and Skorcard, which aim to provide accessible financial solutions to Indonesians.

Skor Technologies’ latest funding round brings its total capital raised to over $12 million with company’s rapid growth in Indonesia’s consumer credit market. The $6.2 million in pre-Series A funding, led by Argor Capital, will fuel the expansion of Skorcard, its digital-first credit card, and support the company’s goal of scaling its operations. Skor Technologies is focused on addressing the unmet demand for credit-line products in Indonesia with plans to reach 2 million cardholders and $100 million in transaction volume by 2025.

Since launching Skorcard in March 2024, in partnership with Bank Mayapada International, the fintech company has been working on refining its card operations and testing user adoption. In its first year, Skorcard surpassed $10 million in annualized spending volume, showcasing its appeal and demand. Skorlife, the company’s credit-education platform, has also gained traction with over 2 million downloads.

Skor Technologies is focused on leveraging its unique data-driven approach to assist and engage users while expanding its card user base. The company is building a strong infrastructure to serve Indonesia’s underpenetrated consumer credit market. The recent investment will help Skor scale its operations and enhance its team, with key hires such as Kush Srivastava as the third co-founder and Kirill Odinstov as Chief Revenue Officer and Head of Data Science.

With strong backing from investors like Argor Capital, QED Investors, Saison Capital, and Digital Currency Group, Skor Technologies aims for significant growth. With its deep expertise in fintech, the leadership team is driving the company’s vision of empowering Indonesians with greater access to credit and financial well-being. As the company enters its next phase, the team remains committed to building partnerships and expanding its credit card offerings to meet the growing demand in Southeast Asia.

Skor Technologies is entering a high-potential market in Indonesia, where credit card penetration remains below 3%, far behind regional peers like Thailand (8%) and Malaysia (20%). 

A 2022 national survey by OJK revealed that financial literacy in Indonesia is under 50%, with many consumers unaware of their credit scores or how to improve them. This lack of awareness and high credit rejection rates has frustrated many Indonesians. However, despite these challenges, Skor is working to overcome regulatory hurdles and competition to meet the growing demand for accessible financial products.

The company’s flagship products, Skorcard and Skorlife, aim to address these issues by offering a digital-first credit card and a credit education platform. 

Skorcard engages users through gamification and a dedicated mobile app, reaching over $10 million in annualized spending within its first year. Skorlife has surpassed 2 million downloads and helps users better understand and manage their credit. Looking ahead, Skor Technologies plans to exceed $100 million in transaction volume by 2025.