Singapore-headquartered C88 Financial Technologies (C88) today announced that it has raised $28m in a Series C financing round, led by Experian, a global information service provider, and joined by responsAbility Investments AG (Zurich, Switzerland) , DEG (Cologne, Germany), interVest (Seoul, South Korea), Pelago Capital, Fuchsia Venture Capita, Monk’s Hill Ventures, Telstra Ventures, Kickstart Ventures and Kejora Ventures amongst others.
C88’s last round of financing was in September 2016, a Telstra Ventures led Series B round. This Series C round brings C88’s total aggregated funding to over $45 million to date and is also one of the largest Series C rounds in Southeast Asia, according to the London-listed information provider Experian.
In addition to capital injection, the funding is also of strategic importance to both parties.
Experian is also partnering with C88 whereby Experian’s software and solutions will be embedded into C88’s platforms, making financial services accessible to people in Southeast Asia, through matching consumers to financing solutions that they are eligible for. It will also provide financial institutions with access to analytics, digital on-boarding technologies, and credit-scoring solutions to allow for an effective loan and credit card approval process.
Experian Asia Pacific CEO Ben Elliot revealed that the opportunity for growth in the region is huge, saying: ” In Southeast Asia, as little as 48 per cent of more than 600 million people have access to a bank account”.
Established in 2013, C88 owns and operates licensed financial marketplaces in Indonesia & the Philippines for the consumers in the small and medium businesses segment.
In Indonesia, C88 provides credit cards, loans, and investment opportunities; insurance; financing and insurance for cars and motorbikes, via CekAja.com, Premiro & Otobro respectively. As of 2017, it already operates in seven major cities in the country.
As for the Philippines, it offers financial solutions for consumers through eCompareMo.com, one of the major players there.
From offering a plethora of services from financial assets, insurance to investment products in Indonesia & the Philippines, it is now going to use the fresh funds to expand into Thailand.
Editor: Ben Jiang