Indonesia-based fintech company SkorLife has announced that it raised a $4 million seed funding round led by global tech investor Hummingbird Ventures, with participation from QED Investors.

Existing investors AC Ventures and Saison Capital also joined the round, SkorLife said in a statement.

According to the statement, SkorLife will use the fresh capital to further its product development, build out its brand awareness in the market, expand its team, and propel company growth in general.

SkorLife Co-Founder and President Karan Khetan said with the funds the firm has raised, SkorLife is poised to accelerate its mission of promoting responsible borrowing and fair credit practices in Indonesia.

“We are dedicated to driving financial literacy amongst individuals and communities,” he said.

SkorLife Co-Founder and Chief Executive Officer Ongki Kurniawan said Hummingbird Ventures and QED Investors global presence, coupled with deep expertise in this sector, resonates with the firm’s ambitious vision.

“Their strong belief in our thesis only fortifies our commitment to revolutionizing the credit industry in Indonesia,” he added.

SkorLife is a credit builder in Indonesia that was co-founded by seasoned veterans Ongki Kurniawan and Karan Khetan.

The company allows people to check credit scores from the nation’s credit bureaus and obtain tips to improve them so they can access better credit.

SkorLife aims to bolster financial literacy and inclusion in the country by having consumers take a more active role in building and maintaining their creditworthiness.

“We believe there is scope to build a consumer brand around credit in Indonesia, and are convinced that Ongki and Karan are the right founders to bring this to fruition,

“Having seen these models work in other parts of the world, we’re excited to apply our learnings and partner with the founders to create a generational company out
of Indonesia,” said Hummingbird Ventures’ Asia Lead Akshay Mehra.

According to the statement, Indonesians’ lack of access to fair credit can be attributed to the mass market’s limited knowledge of how credit works and, therefore, how to become responsible borrowers.

SkorLife asserts that when locals have a clearer understanding of their credit profiles, they will make the effort to obtain the knowledge and skills needed to improve their creditworthiness and financial reputation.

This, in turn, grants them access to fairer credit opportunities, benefiting society at large in the long run.

“SkorLife is revolutionizing the Indonesian market by addressing the real problem of financial inequality,

“Through its mission to bring financial fairness and freedom to the market, SkorLife is paving the way for a more inclusive and prosperous future for all Indonesians,” said AC Ventures’ Founder and Managing Partner Adrian Li.

QED Investors Partner and Head of Asia Sandeep Patil said that SkorLife founders bring together in-market experience and know-how that will undoubtedly contribute to a more inclusive financial ecosystem that benefits millions of Indonesians.

“Our extensive experience in this space, particularly within emerging markets in Asia Pacific (APAC), positions us as a powerful ally in SkorLife’s pursuit of financial empowerment in Indonesia,” he added.

Since opening to the general public in September of last year, the SkorLife app has already earned the trust of hundreds of thousands of users in managing their credit profiles.

SkorLife is also part of the regulatory sandbox under the Financial Planner cluster, which provides the company with flexibility in testing new business models.

SkorLife invested significantly in information security and
has obtained ISO 27001 and ISO 27701 certifications for its information security management system and privacy information management system, respectively.

Indonesian credit tech startup SkorLife scores $2.2M pre-seed funding