Fintech infrastructure firm C88 gets $28m funding
Singapore-based fintech infrastructure provider C88 Financial Technologies has completed a $28 million Series C funding round led by Experian as it hunts for growth action in APAC.
Other investors in the funding round include responsAbility Investments, DEG, InterVest, FengHe Fund Management, Pelago Capital and Fuchsia VC, as well as existing investors Monk’s Hill Ventures, Telstra Ventures, Kickstart Ventures and Kejora Ventures.
C88 operates Indonesia’s online financial store CekAja and Philippines’s comparison site eCompareMo, which have had over 50 million consumers since 2013. C88 has a third marketplace in Thailand in the works.
Experian’s partnership provides C88 with analytics and digital on-boarding technologies. Experian software and decisioning solutions will be embedded into CekAja and eCompareMo.
Experian has also announced its current plans to expand its innovation hub in Singapore, due to Asia’s high penetration rates.
Ben Elliott, CEO, APAC, Experian, says: “We are building an ecosystem in countries where traditional data is not readily available, and in the process making important leaps towards empowering consumers with enhanced financial access.”
According to the firm, in Southeast Asia, as little as 48% of more than 600 million people have access to a bank account.
It also adds that exclusion from the traditional banking system makes it almost impossible for individuals and businesses to borrow or save money; significant barriers towards social and economic progress.