Jakarta, Indonesia–(BUSINESS WIRE)–KKR, a leading global investment firm, and Privy (the “Company”), a leading digital trust provider in Indonesia, today announced the signing of definitive agreements under which KKR will participate as lead investor in Privy’s $48 million Series C round of funding, with participation from existing investors MDI Ventures, GGV Capital and Telkomsel Mitra Inovasi (“TMI”), and new investors including Singtel Innov8. The investment will help Privy strengthen its leading position as a digital signature and digital identity provider in Indonesia, support the development of new consumer and enterprise products to enable Indonesians and businesses to access securely to a wider range of services and accelerate broader digital transformation.
This latest investment in Privy builds on the Indonesian government’s strong commitment to accelerating the digital transformation of the world’s fourth largest population.1 through four strategic sectors – namely digital infrastructure, digital governance, digital economy and digital citizenship – and contribute to the development of the digital community in Southeast Asia. Indonesia’s digital economy expected to reach $146 billion by 20252and become Southeast Asia’s largest digital economy, valued at over $300 billion by 2030.3 With the support of new and existing investors, the Company also intends to expand into overseas markets to further accelerate its growth.
Marshall Pribadi, CEO and co-founder of Privy, said: “We are delighted to welcome KKR as a new investor. Their participation in this latest fundraising, alongside the continued support of our existing investors, is a testament to the progress we have made over Privy’s journey and belief in our long-term vision to build digital trust through our platform and the potential of Indonesia’s digital transformation. With their support and global experience, combined with the backing of our existing investors MDI Ventures, GGV Capital and TMI, who have played an important role in helping us achieve our success thus far, Privy is well positioned to innovate further. with new, stronger offerings and capabilities and to build a solid foundation for overseas expansion.
Mukul Chawla, Partner and Head of Growth Equities, Asia-Pacific for KKR, said, “Privy has established itself as a pioneer in the digital trust space in Indonesia with strong ambitions. We are excited about the company’s growth potential and the opportunity to advance Indonesia’s digital transformation and prosperity.
Louis Casey, Head of Growth Technology for KKR in Southeast Asia, said, “Private has built a state-of-the-art platform that combines state-of-the-art functionality, user-friendly design, and a secure and robust infrastructure. We seek to leverage KKR’s global network and operational expertise to take Privy to its next level of growth and expand its leadership in digital trust for individuals and businesses in Indonesia and beyond.
Founded in 2016, Privy is a leading digital trust platform in Indonesia that provides trusted digital identities and legally binding digital signatures. The Company offers a wide range of services, including digital identity, digital signature, digital verification and document management products and services across a wide range of industries, including financial services, healthcare and education. In 2018, Privy became the first non-governmental institution to be accredited as a Certificate Authority (CA) by the Indonesian Ministry of Communication and Information Technology.4 and, in 2019, the first Know-Your-Customer electronic service provider to be registered with the Indonesian Financial Services Authority.5 Today, Privy is the market leader with over 30 million verified users and 1,800 enterprise consumers on its digital signature, digital verification and subscription products, and processes over 40 million digital signatures per year.
KKR is making its investment based on its Asia Next Generation Technology strategy. Privy is KKR’s latest growth technology investment in software in Southeast Asia and adds to recent investments in the region, including GrowSari, a business-to-business e-commerce platform serving small and medium-sized enterprises (“SMEs”) ) in the Philippines, and KiotViet, a merchant platform for SMEs in Vietnam. KKR’s other recent growth technology investments in the broader Asia-Pacific region include Education Perfect, an education software platform in New Zealand, dataX (formerly From Scratch), an internet software and services company in Japan. , NetStars, the operator of Japan’s largest QR code payment system. gateway, and Livspace, a Direct-to-Consumer home improvement platform with operations in India and Singapore. Additional details of the transaction are not disclosed.
Privy is the leading digital trust provider and the first Indonesian company to join the FIDO Alliance, an international industry association whose mission is to create a secure and user-friendly global authentication standard. Privy is listed in Forbes Asia 100 to Watch 2021 and a certificate authority rooting the National Root Certificate Authority of Indonesia managed by the Ministry of Communication and Information Technology. According to data reported to the Ministry of Communication and Information Technology by Indonesian certificate authorities, approximately 80% of newly issued digital certificates in 2020 were issued by Privy.
Privy is also the first E-KYC provider officially registered with the Indonesian Financial Services Authority (OJK) and the only digital trust provider to pass the Indonesian Central Bank (BI) regulatory sandbox. Since 2019, Privy has obtained official consent to access Indonesian national identity data and facial biometrics administered by the Indonesian Directorate General of Population and Civil Registration of the Ministry of Interior in order to verify the identity of its user with the greatest precision. In October 2022, Privy just received the order from the Minister of Finance, allowing Privy to serve individual and institutional taxpayers to digitally sign tax documents using their respective PrivyID or EnterpriseID. Privy CEO Marshall Pribadi is currently Chairman of Indonesia Regtech and Legaltech Association (IRLA), Vice Chairman of Indonesia Fintech Association (AFTECH), an Endeavor Entrepreneur and listed in Forbes Asia 30 under 30 2017.
KKR is a leading global investment firm providing alternative asset management solutions as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting the growth of its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer pension, life insurance and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For more information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
1 World Bank (2022): Population, total
2 Google, Temasek, Bain & Company (2021): e-Conomy SEA 2021 report
3 ANTARA (2022): Indonesia will be Southeast Asia’s largest digital economy by 2030: minister
4 Kontan (2019): Hadapi sandbox OJK, rancang fintech scenario PrivyID
5 Private: the Indonesian Ministry of Communication and Information Technology has officially inaugurated 6 certification authorities