Privy CEO Marshall Pribadi
Indonesia-based digital trust provider Privy today announced a US$17.5 million Series B funding round led by GGV Capital.
The funding round also included the participation of Endeavor Catalyst, Buana Sejahtera Group, and existing investors MDI Ventures, Telkomsel Mitra Inovasi, Mandiri Capital, and Gunung Sewu Group.
Privy plans to use the fresh funds to expand its IT and security infrastructure.
The company also announced that it has rebranded from PrivyID to Privy as part of its international expansion plan.
“The new brand keeps privacy at the heart of the company while setting its course to grow the business beyond what it is today. This year, Privy also expanded its digital signature business into European Union countries by partnering with Zettabyte, a higher education SaaS provider,” Privy wrote in a press statement.
Founded in 2016, Privy was the first Indonesian company to join the FIDO Alliance, an international industry association with the mission to create a safe and user-friendly global authentication standard.
The company said that the pandemic has helped its growth in recent years. Since 2017, its Enterprise customers have grown 17.5 times, its individual users by 30 times, and the number of signed documents by 58 times.
Within five years, Privy said it 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, submit invoice financing, take loans from fintech lending companies, sign rental contracts, and accept job offers without the need to sign hardcopy documents.
Being the digital signature player who passed the Bank Indonesia Regulatory Sandbox, Privy included leading national banks such as BRI, Mandiri, CIMB Niaga, BNI, Danamon, Nobu Bank, and Panin Bank as its customers.
It also included multinational institutions such as Zurich, Manulife, ISS, WWF, Kelly Services, and Phillip Morris.
Digital trust is one of the growing segments in the global tech industry as the pandemic pushed for digital transformation and changes in various lines of life.
Last week, e-signature giant DocuSign announced the launch of DocuSign Ventures which aims to invest and partner with startups that are working to improve the agreement process.
When asked about the potential of partnering with companies such as DocuSign, Privy wrote to e27: “Privy is always open to exploring partnerships with companies that share our values. We believe that we can grow our business globally by making strategic partnerships.”
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Image Credit: Privy
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