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Skorlife Raises $4 Million in Seed Funding to Revolutionize Credit Scores in Indonesia
Skorlife, a fintech startup co-founded by Ongki Kurniawan and Karan Khetan, has raised $4 million in seed funding led by Hummingbird Ventures, with participation from QED Investors, and returning investors AC Ventures and Saison Capital. This is considerably bigger than the startup’s previous funding round, which was $2.2 million in pre-seed funding.
Milestones Achieved by Skorlife
Skorlife launched to the public eight months ago, and since then, it has reached 100,000 downloads. It’s the only credit builder admitted by the Financial Services Authority (OJK) of Indonesia into a regulatory sandbox and has received ISO 27001 and ISO 27701 certifications.
The Purpose of Skorlife
Skorlife is a fintech startup that aims to give Indonesians more transparency into their credit scores. It shows users their credit scores and reports from Indonesia’s credit bureaus and gives personalized advice on how they can improve their credit and keep safe from identity theft. The app reminds users to pay bills on time, improve their credit mix, and tracks the age of their credit. It also provides an Identity Monitoring feature, which alerts users when someone tries to use their identity to apply for a loan.
Challenges Faced by Indonesians in Obtaining Fair Credit
Kurniawan explained that many Indonesians have limited access to fair credit because banks and financial institutions tend to be very conservative about approvals due to lack of a robust credit scoring infrastructure and data. As a result, low-interest credit products, including credit cards, are usually only accessible to people with the highest credit scores, or super primes. On the other end, subprime lenders are served by peer-to-peer lending and buy now, pay later platforms, but those tend to have high interest rates. This leaves people in the middle, with prime or near-prime credit, who may have good repayment histories but still don’t make the cut for affordable credit products. Skorlife helps by giving Indonesian consumers access to their scores from Indonesian credit bureaus, along with personalized advice on how to improve them.
Skorlife’s Future Plans
Skorlife will work with local regulators as part of the OJK’s regulatory sandbox, which gives it more flexibility in planning its business model. The new funding will be used on product development, marketing, and hiring.
Conclusion
Skorlife is revolutionizing credit scores in Indonesia by providing the much-needed transparency and personalized guidance on how to improve scores. Its innovative approach is especially relevant in a country where many people have limited access to fair credit. Through its app features, Skorlife is helping consumers build strong credit and reduce the risks of identity theft. With its recent funding, Skorlife is poised to expand its reach and impact more lives positively.
Frequently Asked Questions
What is Skorlife?
Skorlife is a fintech startup that provides an app to help people access their credit scores and reports from Indonesia’s credit bureaus, giving personalized advice on how they can improve their credit and keep safe from identity theft.
Who can benefit from Skorlife?
Skorlife’s app is beneficial to Indonesians who have limited access to fair credit. The platform gives personalized guidance to help users with prime or near-prime credit improve their credit scores to make cut for affordable credit products.
What is Skorlife going to do with its $4 million seed funding?
According to the company, the funding will be used for product development, marketing, and hiring.
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