CekAJa.com and Experian to boost Indonesian financial inclusion
By Yunnie Marzuki August 3, 2018
- Investment and partnership will enable greater technology deployment
- CekAja.com has seen 15% to 30% growth monthly
EXPERIAN, a leader in information services, led an over-subscribed US$28 million (RM113.67 million) Series C investment in C88 Financial Technologies Group (C88).
C88 is the parent company of Indonesian financial marketplace for consumers and small and medium businesses, CekAja.com, the Philippines’s eCompareMo.com, and it soon will expand to Thailand.
The investment and partnership provide the C88 brands with the ability to deploy Experian’s demand generation, eligibility analytics, and digital on-boarding technologies directly via CekAja.com and eCompareMo.com platforms.
Experian chief executive officer Asia Pacific Ben Elliot tells Digital News Asia that the technology that they offer is a combination of solutions that will fit innovations in the market.
“We link our various products and services to have the ecosystem ready, and we also have worldwide experience that allow us to take global capabilities to solve a particular problem in a country.”
Experian software and decisioning solutions will be embedded into CekAja.com and eCompareMo.com’s financial marketplaces along 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 consumers with little financial history.
CekAja.com has acquired more than 25 million users and has seen growth of 15% to 30% monthly in in the last two to three. It also has over 90 licensed financial institutions and over 50 bank partners on the platform.
CekAja.com and C88 chief executive officer and co-founder John Patrick Ellis says, “We have made a lot of investments and improvements in operations as well as data warehousing.”
The company is working on its mobile application and focusing on delivering pre-approved financial products to its users.
“Up until now, users who came to us are only those who have very specific needs such as insurance, loans, and credit cards. So, the challenge we have been dealing with is to become something that is used more.”
To do so, the platform will offer personalisation which enables it to build closer relationships and get more data for pre-approved loans or credit processing.
“That does not mean that they might need to apply for a loan or credit, but when they do, we will have their data and history ready.”
And to reach them, Ellis says that the company utilises digital ad platforms such as Google, and Facebook, as well as partnerships with banks and institutions.
For Thailand’s expansion, he says, “We are now engaged with local partners, institutions, and regulators. And to make it relevant, we will also brand it with a different name.”