PrivyID Secures Series A2 Funding from Telkomsel Mitra Inovasi
A strategic partnership was made for product integration
Yenny Yusra - 26 September 2019
After being rumored to raise fresh funds, PrivyID, the digital identity service, announced Series A2 investment from Telkomsel Mitra Inovasi (TMI). The number is still undisclosed but there will be collaboration and integration later.
Previously, PrivyID has secured Pre Series A funding led by MDI Ventures and Mandiri Capital Indonesia on Mid 2017. Gunung Sewu and Mahanusa Capital also involved in this round.
PrivyID's CEO, Marshall Pribadi said to DailySocial, the collaboration is to involve PrivyID's digital signature in the platform. TMI invests on PrivyID as the first step to build a platform that capable of moving the identity verification service market and to provide a more effective and integrated platform for consumers.
"We, besides getting an essential insight foundation, also gain necessary networks to carve our name in the industry board. Partnership with Telkomsel adds up to our optimism for financial inclusion and opens up a room for digital economy potential in Indonesia.
They did not mention further details on what technology or product to be developed by PrivyID with Telkomsel in it. However, he said that it will be the latest technology, such as AI-based liveness detection, facial recognition, infrastructure encryption and smart authentication gateway.
The service, under top security, can identify users through credit assessment algorithm combined with other methods, such as digital signature and verified identity, to process submission within minutes. The integration result will create an opportunity to accelerate financial inclusion in Indonesia.
"PrivyID's product application program interface (API) technology and workflow allow an effective and efficient operational process for its users. The service has grown significantly, also to accelerate financial inclusion. The collaboration between PrivyID and Telkomsel's assets and resources will produce various innovations in the industry within the next few years," TMI's CEO, Andi Kristianto said.
– Original article is in Indonesian, translated by Kristin Siagian