Our Simmonds Stewart Southeast Asia team is thrilled to have advised fintech leader, C88 Financial Technologies, on its $28 million series C investment round led by Experian. The deal represents one of the largest fintech investments ever in the region.
C88 operates the largest financial marketplaces in Indonesia (CekAja.com) and the Philippines (eCompareMo.com), and is expanding to Thailand with this fundraise. The group’s marketplace brands combine comparison of eligibility and scoring, with brokerage application capabilities across a range of consumer lending, insurance and wealth management products. To date, C88 brands has served over 50 million customers in Indonesia and the Philippines, and over 90 licensed financial institutions are distribution partners.
The investment, together with a commercial partnership with London-listed Experian, will hopefully be transformative for C88 with financial institutions that sell products on C88’s platform receiving access to Experian’s credit-scoring solutions.
The round was supported by new investors responsAbility Investments AG, DEG, InterVest, Pelago Capital, FengHe Fund Management and Fuchsia Venture Capital, together with existing investors, Monk’s Hill Ventures, Telstra Ventures, Kickstart Ventures and Kejora Ventures.