GGV leads $17.5m round of Indonesian digital signature startup

Indonesia-based PrivyID, a global authentication services provider, has secured US$17.5 million in its most recent funding round.

More funding details

• Lead investor: GGV Capital
• Returning investors: MDI Ventures, Telkomsel Mitra Inovasi, Mandiri Capital, and Gunung Sewu Group
• Other investors: Endeavor Catalyst and Buana Sejahtera Group
• Stage: Series B

More company updates

• In the past five years, Privy said it has enabled 18.5 million users to handle tasks such as opening bank savings accounts, applying for insurance policies, and taking loans from fintech lenders without physically signing hard copies of documents.
• The startup said that since 2017, it saw a 17.5x growth in enterprise customers while its individual users increased by 30x. However, Privy didn’t state specific numbers.
• The company plans to use the fresh capital to expand its IT and security infrastructure. It expects daily transactions to soar from 100,000 per day to 800,000 per day in two years.
• It also recently announced its rebranding to Privy as part of its global expansion strategy. This comes after the startup expanded its digital signature business into the European Union by partnering with Zettabyte, a software-as-a-service provider focused on higher education.

For more coverage of the company, head here. You can also click on the link below to view key details about the company, as well as its funding history.