30/7/2018 – C88 Financial Technologies Group, a startup based in Singapore that builds financial technology infrastructures, has raised a US$28 million Series C round led by global information services provider Experian.
Existing investors who participated also include Monk’s Hill Ventures, Telstra Ventures, Kickstart Ventures, and Kejora Ventures; while new backers that have also joined the round includes responsAbility Investments AG, DEG, InterVest, FengHe Fund Management, Pelago Capital, and Fuchsia Venture Capital.
The startup had last raised a Series B round led by Telstra Ventures back in September 2016. To date, this latest funding round will bring C88’s aggregate funding to over US$45 million.
According to London-listed Experian, this was one of the largest Series C rounds raised in Southeast Asia.
“In Southeast Asia, as little as 48 percent of more than 600 million people have access to a bank account,” said Ben Elliott, the CEO of Experian Asia Pacific.
“Exclusion from the traditional banking system makes it almost impossible for individuals and businesses to borrow or save money, and this leads to significant barriers towards social and economic progress,” he added.
Experian has been working closely with financial institutions and startups across Asia, including C88 to progress this. Experian also last led a US$30 million Series D round in BankBazaar last October.
Aside from investment, Experian’s strategic partnership is also commercial whereby Experian will embed its software and solutions into C88 platforms. For consumers, this will help better match them to products they are eligible for.
Besides, C88 will also benefit from Experian’s large partner distribution network, enabling them to extend their current offering from consumers to financial institutions.
Launched in 2013, C88 owns and operates licensed financial marketplaces and credit risk models for consumers in the small and medium business segment – CekAja.com in Indonesia and eCompareMo.com in the Philippines.
Both websites are said to be among each country’s top financial marketplaces and offer retail and small business consumers an integrated financial education, shopping and application experience for all financial asset, liability, insurance, and investment product categories.
The startup claims that both of its platforms have served more than 50 million consumers.
“We are immensely proud to have closed one of the largest Series C fintech rounds in Southeast Asia, particularly from investors who share our vision of empowering consumers and driving financial inclusion in the region,” said C88 co-founder and CEO John Patrick Ellis.
“There are over 350 million consumers in Indonesia and Philippines alone. We’re confident that we can drive a positive impact in our societies and communities by unlocking previously inaccessible financial products and services,” John added.
Moving forward, C88 is looking to open a third financial marketplace in Thailand.