- Funding to date stands at over US$45 million
- C88 is the parent company of Indonesia’s CekAja.com, Philippines’s eCompareMo.com
EXPERIAN, a leader in information services, has led an over-subscribed US$28 million (RM113.67 million) Series C investment in C88 Financial Technologies Group (C88). This bring funding in C88 to over US$45 million to date.
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.
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.
Ben Elliott, chief executive officer, Asia Pacific, Experian said: “In Southeast Asia, as little as 48% 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 fuelled by an exponential growth in Indonesia’s middle class.
Experian’s 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.”
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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