Skorlife, the fintech that desires to offer Indonesians extra transparency into their credit score scores, has raised $4 million in seed funding. The spherical was led by Hummingbird Ventures with participation from QED Buyers, and returning traders AC Ventures and Saison Capital.
The startup’s final funding spherical was $2.2 million in pre-seed funding introduced in September. Co-founded by Ongki Kurniawan and Karan Khetan, Skorlife launched to the general public across the identical time.
Since then, it has reached 100,000 downloads. Different milestones Skorlife has hit over the previous eight months embody being the one credit score builder admitted by the Monetary Providers Authority (OJK) of Indonesia right into a regulatory sandbox, and receiving ISO 27001 and ISO 27701 certifications.
Skorlife’s app reveals customers their credit score scores and experiences from Indonesia’s credit score bureaus and offers personalised recommendation on how they will enhance their credit score and maintain secure from id theft. For instance, it is going to remind them to pay payments on them, enhance their credit score combine and watch the age of their credit score. It additionally gives an Identification Monitoring characteristic, which alerts customers when somebody tries to make use of their id to use for a mortgage.
Kurniawan informed Information World that many Indonesians have restricted entry to truthful credit score as a result of banks and monetary establishments are usually very conservative about approvals because of lack of a strong credit score scoring infrastructure and information. Because of this, low curiosity credit score merchandise, together with bank cards, are normally solely accessible to folks with the best credit score scores, or tremendous primes. On the opposite finish, subprime lenders are served by peer-to-peer lending and purchase now, pay later platforms, however these are likely to have excessive rates of interest.
This leaves folks within the center, with prime or near-prime credit score, who’ve good reimbursement histories however nonetheless don’t make the minimize for inexpensive credit score merchandise. Skorlife helps by giving Indonesian shoppers entry to their scores from Indonesian credit score bureaus, together with personalised recommendation on enhance them.
Skorlife will work with native regulators as a part of the OJK’s regulatory sandbox, which supplies it extra flexibility to plan its enterprise mannequin. Its new funding might be used on product improvement, advertising and hiring.