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 Traders, 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 exhibits customers their credit score scores and studies from Indonesia’s credit score bureaus and offers personalised recommendation on how they will enhance their credit score and hold protected from identification 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 offers an Identification Monitoring characteristic, which alerts customers when somebody tries to make use of their identification to use for a mortgage.
Skorlife founders Ongki Kurniawan and Karan Khetan
Kurniawan instructed TechCrunch that many Indonesians have restricted entry to truthful credit score as a result of banks and monetary establishments are typically very conservative about approvals because of lack of a strong credit score scoring infrastructure and information. Consequently, low curiosity credit score merchandise, together with bank cards, are normally solely accessible to individuals with the very 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 individuals 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 customers entry to their scores from Indonesian credit score bureaus, together with personalised recommendation on easy methods to enhance them.
Skorlife will work with native regulators as a part of the OJK’s regulatory sandbox, which provides it extra flexibility to plan its enterprise mannequin. Its new funding will probably be used on product improvement, advertising and hiring.