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Skor Technologies raises US$6.2 million in pre-Series A funding

06:40:00 | 20 Jan 2025
Skor Technologies raises US$6.2 million in pre-Series A funding
Ongki Kurniawan
JAKARTA (IndoTelko) — Skor Technologies, the parent company of Indonesia-focused Skorlife and the new Skorcard credit card has raised US$6.2 million in its latest Pre-A round. Argor Capital, a Southeast Asia-focused VC, led the round. Its previous investors, QED Investors and Saison Capital, and new investor the Digital Currency Group also participated in the round, bringing the total capital raised to over US$12m for the fintech company.

In May 2023, Skor closed a US$4 million seed round, led by Hummingbird Ventures, with participation from Bolt by QED, and existing investors AC Ventures and Saison Capital. At that time, the fintech company was focused on its credit-education product Skorlife but has launched a “digital-first credit card”, Skorcard, in March 2024, in partnership with Bank Mayapada International. Over the past several months, the company has been focused on setting up the card operations and testing the card demand and take-up with users.

The credit card market opportunity in Indonesia remains immense with huge potential upside. Credit card penetration remains below 3%, which is extremely low even compared to regional peers like Thailand or Malaysia where it is at 8% and 20%, respectively. Furthermore, a 2022 national survey by OJK indicated that financial literacy amongst Indonesians was less than 50%, and much less know what their credit score is or how to improve it. This lack of awareness coupled with high credit rejection rates leaves consumers confused and frustrated. Despite the large market potential, Skor has had to overcome several barriers including navigating regulations, building a robust proprietary risk framework, and competing offerings by banks and other fintech players to deliver its products and services.

Ongki Kurniawan, co-founder and CEO of Skor said “From eWallets, BNPL to QRIS, fintech players and the regulators have played a tremendous role in innovation - digitizing payments and giving more people access to credit; both play a critical role in setting the foundational requirements for consumers to adopt credit-line as a “lifestyle” product. We believe Indonesia is a supply constrained market for the credit-line product, and it is the right time to solve this growing consumer need, starting with a digital-first credit card. The opportunity to build a 2 million card base customer exists, and along with our bank partners we are incredibly motivated to make this a reality.”

Skorcard and Bank Mayapada International created a synergistic partnership, where the bank has embarked on opening a BaaS platform to create new growth opportunities and Skorcard’s value proposition fits well. Vincent Suteja, Consumer Business Head, Bank Mayapada International said “As a bank, we see partnerships like Skorcard instrumental in growing our consumer banking business which leverages our strengths with theirs. The pilot program we ran with Skorcard proved we can operate this win-win partnership, and now we are looking to scale this partnership into 2025.”

In a market where there is no winner-takes-all all, Skorcard's credit card proposition is built on “experiential” difference. As a digital-first credit card, it is one of the few startups focused on building a monoline credit product, with a purpose-built mobile app that has employed “gamification” as a major differentiator in how they engage the user. The startup also claims it leverages data in unique ways to assist and engage users. In the first year of operation, Skorcard surpassed US$10 million in annualized spending volume. Skorlife, the credit-education platform, also surpassed 2 million downloads.

Sid Pisharody, Partner at Argor Capital said “We see tremendous potential for growth in the Indonesian consumer credit market and are excited to back Skor with its distinct product offerings and vastly experienced management team. Skor’s leadership team comprises individuals with complementary skillsets; together, the team has a combination of deep domain expertise, a thorough understanding of the pain points in the Indonesian consumer credit market, and a strong network of relationships in the financial services ecosystem. We are backing Skor to empower millions of Indonesians to improve their financial well-being while enhancing their access to credit.”

Sandeep, Partner and Head of Asia at QED said “We are deeply committed to supporting Ongki, Karan, and Kush as they revolutionize Indonesia's financial landscape through their innovative digital-first credit card and credit education platform. Their remarkable progress in engaging customers, navigating regulatory frameworks, and fostering strategic partnerships demonstrates the strength of their vision. As the company enters its next growth phase focused on scaling its credit card offerings, we are energized by the phenomenal potential ahead.”

Skor Technologies has also been strengthening its team. Kush Srivastava joined the business as the third co-founder, bringing a wealth of experience in fintech and technology with his past stints as cofounder of Card91. Kirill Odinstov joins as CRO and Head of Data Science. Krill was Head of Underwriting at HomeCredit Indonesia. Surendra Singh who was Head of Data at Fi, another fintech startup, also joins Skor to head data analytics.

GCG BUMN
Skor Technologies has a clear vision of 2 million cards but set clear sights for 2025, where they expect to cross US$100 million in transaction volume. The capital raised will be focused on helping the business achieve scale while growing the team with key talents across the organization.(es)

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