Jakarta, October 2021 – Privy, the largest digital trust startup in Indonesia – home to 273 million population, announced it has raised US$ 17,5 million from series B financing round led by renowned global fund GGV Capital. The round is also participated by Endeavor Catalyst, Buana Sejahtera Group, and most of Privy’s previous investors, namely, MDI Ventures, Telkomsel Mitra Inovasi, Mandiri Capital, and Gunung Sewu Group.
Privy has been at the forefront of Indonesia digital transformation, bridging the digital trust gap by providing trusted digital identity and legally binding digital signature. Within 5 years, Privy has been enabling 18.5 million users to open bank saving accounts, stock trading accounts, apply for credit cards, insurance policy, lease a motor vehicle, submitting invoice financing, taking loans from fintech lending companies, signing rental contracts, and accepting job offer without the need to travel and sign on hardcopy documents.
Privy has experienced exponential growth in the past few years, especially with the massive increase in digitalization led by the pandemic. Since 2017, its Enterprise customers grew 17.5X, its individual users grew by 30X, and the number of signed documents grew by 58X. The company is addressing a very huge market opportunity. According to Statista • Digital identity solution market size globally 2026 | Statista, the global digital identity solution market is projected to grow from 23.3 billion U.S. dollars in 2020 to 49.5 billion U.S. dollars in 2026. The rapid market growth is driven by increasing instances of identity frauds, data breaches and new government regulations. In 2021, Privy has also received the highest recognition— from the Ministry of Communication and Informatics of the Republic of Indonesia as a CA rooting to Indonesian national root CA, thereby increasing the trust from various major corporations in Indonesia.
It is a game changer, Privy’s clients experienced dramatic improvement on their business performance by delivering pure digital experience to their customers. Credit card application approval rate improved by 61.2%, loan origination process cut down from 7 days to maximum 4 hours, online stock trading account opening drop rate fell from 60% to 5%. Equally important, by eliminating paper, printing, document transportation and storage, Privy has eliminated 30 million kg of carbon emission, saved 40,000 trees, and 10 million kwh of energy in just 5 years.
“Privy has one of the strongest founder-market fits in the digital identity and access management space, with the core founding team having more than 30 years of combined experience in law, regtech, fintech, and cyber security, including white-hat hacking. The team’s focus on product, privacy, and security provides a strong foundation for the future growth of the company,” said Jenny Lee, a Managing Partner at GGV Capital, a global VC that backed IDWall in LatAm and Authing in China.
“From our experience of investing in large emerging markets across the past 20 years, we learned that highly-localized grassroots founders who are fighting in the trenches with their team cater especially well to the pick-and-shovel layer of the internet business. Our partnership with Privy is underpinned by our commitment to team up with local founders who show real passion and grit in solving the fundamental challenges of our time – increasing access to digital services is one of them. For example, by leveraging
technology to provide services such as eKYC, Privy can simplify the credit application and onboarding process for the mass market and drive penetration in other consumer internet verticals,” she continued.
Fajrin Rasyid, Telkom’s Director of Digital Business and MDI Ventures’ President Commissioner said, “TelkomGroup has strongly believed in Privy since the beginning of its journey. We are committed to providing Privy our support to help them enabled Indonesians to do the digital signature securely and conveniently, just like our mission to digitalize Indonesia.”
Privy plans to use the fresh funds to expand its IT and security infrastructure, which is currently hosting the digital identity and digitally signed documents of thousands of enterprises, including multinational institutions like Zurich, Manulife, ISS, WWF, Kelly Services, and Phillip Morris. Privy projected that its daily transactions will dramatically increase from 100,000 per day to 800,000 per day in just two years. Being the first and only digital signature player who passed the Central Bank’s (BI) Regulatory Sandbox, Privy has acquired the nation’s largest banks such as BRI, Mandiri, CIMB Niaga, BNI, Danamon, Nobu Bank, and Panin Bank as its customers. The numbers of transactions handled and the profile of its customers, speak for itself that Privy has passed the most stringent service quality, reliability, and security tests.
As part of its global expansion strategy, Privy also re-branded its business name, from PrivyID to Privy. The new brand keeps privacy at the heart of the company while setting its course to grow the business beyond what it is today. This year, Privy also expanded its digital signature business into European Union countries by partnering with Zettabyte, a higher education SaaS provider.
Privy envisioned to be the enabler of access to the emerging digital economy, it constantly innovates around digital trust as its foundation. Marshall said, “Even the most widely used products might only last for decades, they are being replaced by more technologically advanced products and the pace of such cycles is getting much shorter and shorter every year. At Privy, we are not just selling products, we want people to feel as a part of a culture to reimagine what’s possible and get out of our comfort zone, to inspire people to redesign the way we do things, the way we live.”
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Privy is the leading digital trust provider and the first Indonesian company to join the FIDO Alliance, an International Industry Association with the mission to create a safe and user-friendly global authentication standard. Privy is listed in Forbes Asia 100 to Watch 2021 and a Certificate Authority rooting the Indonesia’s national root CA operated by the Ministry of Communication and Informatics. According to the data reported to the Ministry of Communication and Informatics by Indonesian Certificate Authorities, approximately 80% of newly issued digital certificates in 2020 were issued by Privy, an undisputed market leader.
Privy is also the first E-KYC provider officially registered at Indonesia’s Financial Service Authority (OJK) and the only digital trust provider which passed the regulatory sandbox of Indonesia’s Central Bank (BI). Since 2019, Privy has gained official agreement to access Indonesian national identity data and facial biometrics administered by Indonesian Directorate General of Population and Civil Registration, Ministry of Homeland Affairs to verify the
identity of its user with the highest accuracy. Privy’s CEO, Marshall Pribadi, is currently serving as the chairman of Indonesia Regtech and Legaltech Association (IRLA), Vice Chairman of Indonesia Fintech Association (AFTECH), an Endeavor Entrepreneur, and listed in Forbes Asia 30 under 30 2017.