Indonesian fintech startup SkorLife has announced raising $4 million in a Seed funding round anchored by global tech investor Hummingbird Ventures, with participation from QED Investors.
Existing investors AC Ventures and Saison Capital also joined the round.
SkorLife is the first credit builder in Indonesia. Co-founded by Ongki Kurniawan and Karan Khetan, the company allows people to check credit scores from the nation’s credit bureaus and obtain tips to improve them so they can access better credit.
The startup aims to bolster financial literacy and inclusion in the country by having consumers take a more active role in building and maintaining their creditworthiness.
CEO and Co-founder of SkorLife, Ongki Kurniawan, warmly welcomed Hummingbird Ventures and QED Investors onboard. He emphasized their significant global presence and industry expertise align perfectly with SkorLife’s ambitious vision to transform the credit industry in Indonesia.
Hummingbird Ventures’ Asia Lead, Akshay Mehra, expressed his firm’s belief in SkorLife’s potential to establish a consumer credit brand in Indonesia.
Mehra is convinced that Kurniawan and co-founder Karan Khetan are the right leaders to bring this vision to life. He also highlighted Hummingbird Ventures’ commitment to leveraging their global learnings to foster a generational company in Indonesia.
SkorLife will channel the fresh capital into expanding its product development, enhancing brand awareness, bolstering its team, and accelerating company growth. Its mission is rooted in addressing the financial inequality prevalent in Indonesia, a problem largely attributed to limited understanding of credit practices among the mass market.
The company’s services aim to provide clarity on credit profiles, fostering responsible borrowing habits and granting fairer credit opportunities for all Indonesians.
SkorLife Co-founder and President Karan Khetan added, “With the new funding, SkorLife is well-positioned to amplify its mission of encouraging responsible borrowing and fair credit practices in Indonesia.”
The SkorLife app, launched in September last year, has already gained the trust of hundreds of thousands of users in managing their credit profiles. The company is also part of the Financial Planner cluster’s regulatory sandbox, allowing it to experiment with new business models.