The investment round will have participation from existing providers of the likes of MDI Ventures, GGV Capital, and Telkomsel Mitra Inovasi (TMI), as well as new investors including Singtel Innov8. The funding is aimed at helping Privy strengthen its position as a digital signature and digital identity provider in Indonesia, with the primary focus being to support the development of new consumer and enterprise products. This will enable Indonesians and businesses to access an increasingly diverse range of services in a secure manner to help accelerate a broader digital transformation.
The investment in Privy builds on the Indonesian government’s commitment in accelerating digital transformation within the country through four strategic sectors: digital infrastructure, digital governance, digital economy, and digital citizenship, as well as its goal in contributing towards the development of the digital community in Southeast Asia. Having the support of new and existing investors, the company is looking to expand into overseas markets to further accelerate growth, as Indonesia’s digital economy is projected to reach USD 146 billion by 2025, and to become the largest digital economy in Southeast Asia, valued at over USD 300 billion by 2030.
Speaking on the announcement, Privy officials have stated that with KKR participating as an investor alongside their already existing ones, the company is looking to further innovate with new offerings and stronger capabilities in order to consolidate a strong foundation towards overseas expansion. KKR representatives added that they will be leveraging KKR’s global network and operational expertise to further Privy’s expansion in digital trust for individuals and enterprises both in Indonesia and beyond.
KKR makes this investment as part of its Asia Next Generation Technology strategy, marking the company’s latest growth technology investment in software in Southeast Asia.
Privy is an Indonesia-based digital trust platform founded in 2016 that provides trusted digital identities and legally binding digital signatures, offering a range of services that includes digital identity, digital signature, digital verification, and document management products and services in sectors such as financial services, healthcare, and education. As of 2018, Privy was licensed as Certificate Authority (CA) by Indonesia’s Ministry of Communication and Information Technology, and in 2019 it was registered under Indonesia’s Financial Services Authority. As of now, the company has over 30 million verified users and 1,800 enterprise consumers on its digital signature, digital verification, and subscription products, processing more than 40 million digital signatures on a yearly basis.
KKR is a global investment firm that offers alternative asset management alongside capital markets and insurance solutions. KKR sponsors investment funds targeting private equity, credit, and real assets and has strategic partners for hedge funds management. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now