Credit scoring firm rings up $4m to boost financial literacy in Indonesia

SkorLife founders Ongki Kurniawan (left) and Karan Khetan / Photo credit: SkorLife

Financial illiteracy has become a global problem, leading many to make uninformed, crippling decisions. This is especially true in Indonesia. With informal financing and predatory lending running rife, the country has a financial literacy rate of 38%.

SkorLife, a credit builder based in the country, looks to change this. Founded by Ongki Kurniawan and Karan Khetan in 2022, the startup allows users to check their credit scores from Indonesia’s bureaus.

Users can also receive financial advice to better their credit and detect identity fraud.

Funding details

• Funding amount: US$4,000,000
• Lead investors: Hummingbird Ventures
• Other investors: QED Investors, AC Ventures, Saison Capital
• Stage: Seed
• Source

SkorLife will be using the fresh funds to accelerate its growth, particularly by building brand awareness, expanding its team, and further developing its offering.

The company said it has hundreds of thousands of users after only launching last September.

Going beyond its core activities, the ISO-certified firm is also working with local regulators under Indonesian Financial Services Authority’s Financial Planner sandbox, which will enable SkorLife to test out novel business models.

See also: Can Indonesia’s new capital Nusantara rival the fintech hubs of SG and HK?

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