Indonesian Skorlife gets funding to empower Indonesians over credit scores

ScorelifeTo supply Indonesians with extra transparency of their credit score scores, fintech 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 enterprise’s final funding spherical was $2.2 million in pre-seed funding introduced in September. Co-founded by Ongki Kurniawan and Karan Khetan, Skorlife was additionally launched at roughly the identical time.

It has since reached 100,000 downloads. Different milestones Skorlife has achieved up to now eight months embody being the one mortgage originator accepted right into a regulatory sandbox by the Indonesian Monetary Companies Authority (OJK) and acquiring ISO 27001 and ISO 27701 certifications.

Skorlife’s app exhibits customers credit score scores and stories from Indonesia’s credit score bureaus and provides customized recommendation on learn how to enhance their credit score and shield themselves from identification theft. For instance, it’ll remind them to pay their payments, enhance their credit score combine, and monitor the age of their loans. It additionally supplies an ID Monitoring function that alerts customers when somebody tries to make use of their ID to use for a mortgage.

Kurniawan instructed TechCrunch that many Indonesians have restricted entry to honest credit score as a result of banks and monetary establishments are usually very conservative about approvals as a result of lack of a strong credit score scoring infrastructure and information. In consequence, solely folks with the best credit score scores or tremendous premiums can normally entry low-interest mortgage merchandise, together with bank cards. Then again, peer-to-peer lending and purchase now, pay later platforms serve subprime lenders, however these are inclined to have excessive rates of interest.

That leaves folks with top-notch or near-zero credit score who’ve good reimbursement histories however nonetheless do not make cuts for reasonably priced mortgage merchandise. Skorlife helps Indonesian customers by accessing their scores from Indonesian credit score bureaus and offering customized recommendation on learn how to enhance their scores.

Skorlife will work with native regulators as a part of OJK’s regulatory sandbox, giving it extra flexibility to plan its enterprise mannequin. Its new funding can be used for product improvement, advertising and marketing and recruitment.