KKR, a leading global investment firm, and Privy, a leading digital trust provider in Indonesia, announced Monday the signing of definitive agreements under which KKR will participate as the lead investor in the $48 million Series C funding round of Privy.

The round also saw participation from existing investors MDI Ventures, GGV Capital and Telkomsel Mitra Inovasi (TMI), and new investors including Singtel Innov8, Privy said in a statement on Monday.

According to the statement, the investment will help Privy strengthen its leading position as a digital signature and digital identity provider in Indonesia, support the development of new consumer and enterprise products to enable Indonesians and businesses to access a wider range of services securely and accelerate broader digital transformation.

This latest investment in Privy builds on the strong commitment by the Indonesian government to accelerate the digital transformation of the world’s fourth largest population1 through four strategic sectors – namely digital infrastructure, digital governance, digital economy, and digital citizenship – and contribute to the development of the digital community in Southeast Asia.

Indonesia’s digital economy is projected to reach $146 billion by 20252, and to become Southeast Asia’s largest digital economy valued at more than $300 billion by 2030.

With the support of new and existing investors, the company also intends to expand into overseas markets to further accelerate growth.

“We are thrilled to welcome KKR as among our new investors. Their participation in this latest fundraise, alongside the continued support by our existing investors, is testament to the progress we have made over the course of Privy’s journey, and the conviction in our long-term vision of building digital trust through our platform and the potential of Indonesia’s digital transformation,

“With their support and global experience, combined with the support of our existing investor MDI Ventures, GGV Capital, and TMI, who have played an important role in helping us to achieve our success so far, Privy is well-placed to innovate further with new offerings and stronger capabilities and build a strong foundation for overseas expansion,” said Marshall Pribadi, Chief Executive Officer and Co-Founder of Privy.

Mukul Chawla, Partner and Head of Growth Equity, Asia Pacific for KKR, said, Privy has established itself as a pioneer in Indonesia’s digital trust space with strong ambitions.

“We are excited about the company’s growth potential and by the opportunity to advance Indonesia’s digital transformation and prosperity,” he said.

Louis Casey, KKR’s growth technology lead in Southeast Asia, said, Privy has built an industry-leading platform that combines prime features, a user-friendly design, and secure and robust infrastructure.

“We look to leverage KKR’s global network and operational expertise to take Privy to its next level of growth and extend its leadership in digital trust for individuals and enterprises in Indonesia and beyond,” he said.

Founded in 2016, Privy is a leading digital trust platform in Indonesia that provides trusted digital identities and legally binding digital signatures.

The company offers a wide range of services including digital identity, digital signature, digital verification, and document management products and services in a wide range of sectors including financial services, healthcare, and education.

In 2018, Privy became the first non-government institution to be licensed as a Certificate Authority (CA) by Indonesia’s Ministry of Communication and Information Technology4 and, in 2019, the first electronic Know-Your-Customer service provider to be registered under Indonesia’s Financial Services Authority.

Today, Privy is the market leader with more than 30 million verified users and 1,800 enterprise consumers on its digital signature, digital verification, and subscription products, and processes more than 40 million digital signatures per year.

KKR is making its investment from its Asia Next Generation Technology strategy. Privy is KKR’s latest growth technology investment in software in Southeast Asia and adds to recent investments in the region including GrowSari, a business-to-business e-commerce platform serving small and medium enterprises (SMEs) in the Philippines, and KiotViet, a merchant platform for SMEs in Vietnam.

KKR’s other recent growth technology investments in the broader Asia Pacific region include Education Perfect, an education software platform in New Zealand, dataX (formerly From Scratch), an internet software and services company in Japan, NetStars, the operator of Japan’s largest QR code payment gateway, and Livspace, a Direct-to-Consumer home renovation platform with a presence in India and Singapore.

Privy raises $17.5M series B funding led by GGV Capital, expects faster digital transformation in Indonesia through digital identity and signing