Indonesian digital KYC firm to raise $48m in KKR-led round

KKR is set to lead the US$48 million series C round of Privy, an Indonesia-based authentication services firm.

The Privy team / Source: Privy

Existing investors MDI Ventures, GGV Capital, and Telkomsel Mitra Inovasi, as well as new backers such as Singtel Innov8, will join the fundraise.

Privy is an electronic know-your-customer services provider, with its offerings being used for opening bank accounts, applying for insurance products, and securing loans without physically signing papers. Its services include digital identity and verification as well as document management.

The company said it has 30 million verified users and 1,800 enterprise consumers. It processes over 40 million digital signatures a year.

The startup plans to use the new capital to expand into international markets and further scale its operations.

See also: SEA tech ecosystem report

“We look to leverage KKR’s global network and operational expertise to take Privy to its next level of growth and extend its leadership in digital trust for individuals and enterprises in Indonesia and beyond,” said Louis Casey, KKR’s growth tech lead in Southeast Asia.

Privy last raised funding in 2021, securing US$17.5 million in a GGV Capital-led series B funding round.