- Indonesian fintech startup SkorLife raises $4 million in Seed funding round anchored by Hummingbird Ventures and QED Investors.
- SkorLife aims to revolutionize the credit industry in Indonesia by providing credit scores and tips to improve them, fostering financial literacy and inclusion.
- The funding will be used to expand product development, enhance brand awareness, strengthen the team, and address financial inequality prevalent in Indonesia.
Indonesian fintech startup SkorLife has secured $4 million in a Seed funding round, signaling its commitment to revolutionizing the credit industry in Indonesia. The round was anchored by global tech investor Hummingbird Ventures, with participation from QED Investors. Existing investors AC Ventures and Saison Capital also joined the round, showcasing their continued support for SkorLife’s mission.
SkorLife, co-founded by Ongki Kurniawan and Karan Khetan, has introduced the concept of credit building to Indonesia. The startup enables individuals to access their credit scores from the nation’s credit bureaus and provides them with valuable tips to improve their scores, ultimately granting them better credit opportunities. By encouraging consumers to take an active role in building and maintaining their creditworthiness, SkorLife aims to bolster financial literacy and inclusion in the country.
The CEO and Co-founder of SkorLife, Ongki Kurniawan, expressed his warm welcome to Hummingbird Ventures and QED Investors, emphasizing their global presence and industry expertise that align perfectly with SkorLife’s ambitious vision. He believes that this partnership will play a pivotal role in transforming the credit industry in Indonesia.
Hummingbird Ventures’ Asia Lead, Akshay Mehra, shared his firm’s conviction in SkorLife’s potential to establish a prominent consumer credit brand in Indonesia. Mehra highlighted the leadership qualities of Kurniawan and Khetan, recognizing their ability to bring SkorLife’s vision to life. He also emphasized Hummingbird Ventures’ commitment to leveraging their global knowledge to foster a generational company in Indonesia.
The recently raised funds will be channeled into expanding SkorLife’s product development, enhancing brand awareness, bolstering its team, and accelerating company growth. SkorLife aims to address the prevalent financial inequality in Indonesia, which stems from a limited understanding of credit practices among the mass market. By offering clarity on credit profiles, promoting responsible borrowing habits, and providing fairer credit opportunities for all Indonesians, SkorLife aims to create a more inclusive financial ecosystem.
Co-founder and President of SkorLife, Karan Khetan, expressed the significance of the new funding, stating, “With the new funding, SkorLife is well-positioned to amplify its mission of encouraging responsible borrowing and fair credit practices in Indonesia.”
Since its launch in September of last year, the SkorLife app has gained the trust of hundreds of thousands of users, who have successfully managed their credit profiles through the platform. Additionally, SkorLife is part of the Financial Planner cluster’s regulatory sandbox, allowing the company to experiment with new business models.