Experian leads Over-Subscribed US$28m Series C Investment in C88 to Drive Financial Inclusion Across Southeast Asia
- C88 scores one of the largest venture capital Series C fintech rounds in Southeast Asia; takes C88’s funding till date to over US$45 million. C88 is the parent company of Indonesia’s CekAja.com and Philippines’s eCompareMo.com – both are their respective country’s top financial marketplaces.
- Experian’s strategic investment also comes with a commercial partnership with C88 and its brands, aimed at empowering millions of Southeast Asia’s consumers with enhanced financial access.
- It reinforces Experian’s commitment to financial inclusion in Asia, following its lead in a US$30 million Series D investment in India’s BankBazaar in October 2017.
SINGAPORE, 30 July 2018 – Experian, the world leader in information services, has led an over-subscribed US$28 million Series C investment in C88 Financial Technologies Group (C88). Singapore-headquartered C88 is one of Southeast Asia’s largest and fastest growing fintech companies. It operates Indonesia’s CekAja.com and Philippines’s eCompareMo.com – both are their respective country’s top financial marketplaces. C88 is also opening a third marketplace in Thailand. Other investors in the Series C round, among others, include responsAbility Investments AG, DEG, InterVest, FengHe Fund Management, Pelago Capital and Fuchsia Venture Capital as well as existing investors Monk’s Hill Ventures, Telstra Ventures, Kickstart Ventures and Kejora Ventures.
Asia has been one of the strongest growth regions for Experian globally. The Asia Pacific region has seen double-digit growth over the past five years, with plans to expand the Innovation Hub in Singapore. With nearly a half of all unbanked in the world living in Asia, it boasts among the highest internet penetration rates in the world at 330 million internet users in Southeast Asia alone. It also facilitates driving financial inclusion through data and analytics.
Ben Elliott, Chief Executive Officer, Asia Pacific, Experian said: “In Southeast Asia, as little as 48 percent of more than 600 million people have access to a bank account. Exclusion from the traditional banking system makes it almost impossible for individuals and businesses to borrow or save money; significant barriers towards social and economic progress. Experian has been working closely with financial institutions and start-ups across Asia, including C88, to progress this. Together we are building an ecosystem in countries where traditional data is not readily available, and in the process making important leaps towards empowering consumers with enhanced financial access. We are delighted with this partnership, as this demonstrates our further commitment to Indonesia and the Asia Pacific region as a whole.”
As licensed financial marketplaces for consumers and small and medium businesses, CekAja.com and eCompareMo.com have served over 50 million consumers since 2013 - a number which is fast-rising and fueled by an exponential growth in Indonesia’s middle class. Experian’s strategic investment and partnership provides C88’s brands with the ability to deploy Experian’s best-in-class demand generation, analytics and digital on-boarding technologies directly via CekAja.com and eCompareMo.com platforms.
John Patrick Ellis, co-founder and CEO of C88 said: “We are immensely proud to have closed one of the largest Series C fintech rounds in Southeast Asia, particularly from investors who share our vision of empowering consumers and driving financial inclusion in the region. There are over 350 million consumers in Indonesia and Philippines alone. We’re confident that we can drive a positive impact in our societies and communities by unlocking previously inaccessible financial products and services.”
Market leading Experian software and decisioning solutions will be embedded into CekAja.com and eCompareMo.com financial marketplaces and with its large partner distribution network. For consumers, this means they will be able to be better matched to products they are eligible for. This will be particularly applicable to those consumers with little financial history. For financial institutions, this means they will be able to deploy best-in-class demand generation, analytics and digital on-boarding technologies directly via C88, powered by Experian. This extends C88's current offering to financial institutions to bring digital banking and seamless consumer engagement to Indonesia and the Philippines, with plans to expand to Thailand.
CekAja.com is also the official partner for financial transparency of the Indonesian FinTech Association, working in collaboration with the Financial Services Authority of Indonesia, also known as OJK; a registered partner of Bank Indonesia; as well as a Board-member of the Indonesian FinTech Association.
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