Jakarta, October 2021 – Privy, the largest digital trust startup in Indonesia – home to 273 million population is celebrating its 5th anniversary this October. Coinciding with that, Privy re-branded its business name, from PrivyID to Privy as part of its global expansion strategy. The new brand keeps privacy at the heart of the company while setting its course to grow the business beyond what it is today. Privy also launches a new campaign, #BeraniBerubah, to celebrate the courage of those who choose to change and choose the right thing. Including choosing to transform digitally with Privy, which can ultimately change the way we work, the way we transact, and the way we live, for the better.
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’s clients also 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%. More importantly, with the absence of paper, printing, document transportation and storage, in just 5 years Privy has eliminated 30 million kg of carbon emission, saved 40,000 trees, and 10 million kwh of energy, saving the planet and humanity.
Founded in October 2016 by Marshall Pribadi as the CEO and Guritno Adi Saputra as the CTO, Privy has been trusted by more than 18.5 million individual users and 1,257 Enterprises. In its 5th anniversary the total signatures that have been signed through Privy’s services have also increased rapidly to more than 69 million signatures as of October 2021. This development is much influenced by the work-from-home policies implemented by various companies during the Covid-19 pandemic. 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.
Adrian Gunadi, the CEO of Investree who is also the Chairman of AFPI (Indonesia’s Fintech Lending Association) says “As a pioneer in Indonesian fintech scene, Investree has been an avid user of digital signature and digital identity. After trying different solutions in the market, we conclude that Privy is the most reliable partner thus far. We hope with this Series B funding, Privy will deliver much richer services in the future”.
Arief Musta’in, Chief Strategy and Innovation Officer of Indosat Oredoo says “As one of the largest telco operators in Indonesia, we processed so many important documents within a day. With Privy, the digital signature provider with the highest acknowledgement from the Ministry of Communication and Informatics, we can run our digital transformation agenda with full confidence.”
This year, Privy also expands its digital signature business into European Union countries by partnering with Zettabyte, a higher education SaaS provider. Christian Mugnier, CTO of Zettabyte Pte Ltd says “Zettabyte has selected PrivyID to power its authenticated digital signature service through its ERP platform subscribed currently by 250 Higher Education Institutions with more than 10,000 Students in Europe. PrivyID and Zettabyte share the same values of innovation for and easy and affordable access to the latest technologies for their customers.”
Privy envisioned to be the enabler of access to the emerging digital economy, it constantly innovates around digital trust as its foundation. Marshall Pribadi, CEO of Privy 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 cycle 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.”