CekAja, eCompareMo parent acquires Indonesian credit analytics firm IDX Optus

C88 Financial Technologies, the parent company of financial portals CekAja in Indonesia and eCompareMo in the Philippines, has acquired data analytics company IDX Optus.

Financial details of the deal were not disclosed.

Photo credit: C88 Financial Technologies

Based in Indonesia, IDX Optus consists of two companies: IDX Partners and Optus Solution. In addition to analytics, it also provides services in AI, revenue optimization, data management, and credit risk management, among others.

C88 co-founder and CEO J.P. Ellis said that the acquisition was driven by the increasing importance of data and analytics in the region’s financial services industry, which he described as “multi-polar instead of zero-sum.”

“We believe the industry is changing very quickly as more institutions as well as regulators embrace increasingly sophisticated analytical approaches to make better decisions and manage risk. We call this P2B, or peer-to-bank, and we are very bullish on it,” Ellis said.

With the deal, all of IDX Optus’ executives and management will remain with the company, according to a statement. Its team and operations will co-locate with C88 in Jakarta and establish a presence in the Philippines by early 2020.

Last year, C88 received strategic investment from credit reporting firm Experian as it moved beyond operating financial marketplaces and into credit analytics and scoring.