Jakarta, September 26, 2019 – Telkomsel’ venture arm, Telkomsel Mitra Inovasi (TMI) today announced that it had backed Privy (previously Privy), Indonesia’s leading regulatory technology focusing on digital consumer onboarding solution, in an extension of Series A round through MDI Ventures.
Established in 2016, Privy is certified by The Ministry of Communication and Informatics to accept registration, verify and issue the digital certificate and digital signature for public use.
As a user-centric digital identity, Privy places user’s privacy as the utmost importance; it is certified for ISO 27001:2013, a golden standard in information security management.
Over time, Privy has evolved to facilitate some of the most prominent financial institutions with end to end digital consumer application process. Privy works with suits of nascent technologies, including AI-driven document checker, liveness detection, facial recognition, public key infrastructure, and smart authentication gateway.
The fact that mobile penetration is way ahead of banking penetration in Indonesia, TMI’s investment to Privy is a stepping stone to build a common platform that is aiming to disrupt identity-verification-as-a-service market by offering customers an integrated, simple tool.
It securely identifies users by using credit-scoring algorithms combined with more traditional measures such as digital signatures and verified government IDs to secure their user base within minutes — which has opened more opportunity to drive financial inclusion in Indonesia.
CEO of TMI, Andi Kristianto, explained, “Privy’s application program interface (API) and the workflow product has brought more seamless yet efficient operations to its customers and in a position to grow exponentially which also catalyzing financial inclusion. Combined with products, assets, and resources owned by Telkomsel, I expect a lot of interesting developments in this field over the next few years with them.”
Meanwhile, Marshall Pribadi, the CEO of Privy who is listed on Forbes Asia 30 under 30 says it has more than 4.5 million customer base, and 200++ institutional clients including Telkom Group, BRI, Mandiri, Investree, BCA Finance, and Adira Finance.
He explains further, “Telkom Group have been instrumental to Privy’s growth since the beginning of our journey. They provided us with the essential know-how and valuable network connections that we need to gain our foothold in the industry. We strongly believe that the joint lead business project between Privy and Telkomsel will further our mission to grow Indonesia’s financial inclusion and unlock its digital economy potential.”
About Telkomsel (www.telkomsel.com)
Telkomsel is Indonesia’s largest mobile operator with more than 168 million subscribers. To serve customers all over Indonesia, including in remote areas, outer islands and border areas, Telkomsel has built more than 204,000 BTS. Telkomsel has consistently implemented technology roadmap as well as being the first mobile operator in Indonesia to trial 5G technology in Indonesia. Entering digital era, Telkomsel has been continuously developing a wide range of digital business, such as Digital Advertising, Digital Lifestyle, Mobile Financial Services and Internet of Things. To serve the needs of customers, Telkomsel operates a 24-hour call center and its service centers, GraPARI across Indonesia.
About Telkomsel Mitra Inovasi (www.tmi.id)
Telkomsel Mitra Inovasi (TMI) is the corporate venture arm of Telkomsel. TMI invests in young, promising companies, accelerating growth by providing access to Telkomsel’s ecosystem, assets and expertise. We’re looking for tomorrow’s world-beaters that are advancing the connected society of today and the network that powers it, from devices and content, to commerce, data and the cloud.
About MDI Ventures
MDI Ventures is a corporate venture arm of Telkom Indonesia focusing on investing in mid-stage high tech companies worldwide. Currently, there are more than 30 portfolio companies under management across seven tech verticals and ten countries including USA, ASEAN, Japan, South Korea, Australia, and India.
Privy is established in 2016 and an active member of Indonesia Regtech and Legal Tech Association (IRLA). To date, it is the only company which has enrolled on Bank Indonesia’s (The Central Bank) regulatory sandbox to provide digital signature for online credit card application. Currently, Privy is the only privately owned company certified by Kementerian Komunikasi dan Informatika (The Ministry of Communication and Informatics) to issue digital certificate for public use.