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Indonesian digital signature startup Privy scores $ 17.5 million in GGV-led Series B

By on October 26, 2021 0

Privy, a Jakarta-based startup that provides universal identity and digital signature services, announced raising $ 17.5 million in Series B funding round led by global capital powerhouse – GGV Capital risk.

The startup said the last round of funding also saw participation from Endeavor Catalyst, Buana Sejahtera Group and existing investors MDI Ventures, Telkomsel Mitra Inovasi, Mandiri Capital and Gunung Sewu Group.

Through its platform, Privy enables users and businesses to digitally sign and transfer documents online with a built-in audit trail using electronic identity verification technology that works on all platforms.

Privy said he allowed 18.5 million users to open bank savings accounts, stock trading accounts, apply for credit cards, an insurance policy, rent a motor vehicle, submit finance invoices, take out loans from fintech lending companies, sign leases and accept employment. offers without the need to travel and sign paper documents.

The startup said it would use the new funds to expand its IT and security infrastructure, which currently houses the digital identity and digitally signed documents of thousands of businesses, including multinational institutions like Zurich, Manulife, ISS, WWF, Kelly Services and Phillip. Morris.

The startup also said it has extended its digital signature business to countries in the European Union by partnering with Zettabyte, a SaaS provider for higher education.

Privy is the first and only digital signature player to have passed the central bank regulatory sandbox. He predicted that his daily transactions would increase from 100,000 to 800,000 per day in just two years.

The startup operates in the digital identity solutions market which is expected to grow from $ 23.2 billion in 2020 to $ 49.5 billion in 2026, according to data from Statista.

At the regional level, among the main players in the digital signature space are the Indian startups SignEasy and e-Mudhra.

“Privy has one of the strongest founding markets in the digital identity and access management space, with the core founding team having over 30 years of combined experience in law, regtech, fintech and cybersecurity, including hacking, ”said Jenny Lee, managing partner at GGV Capital.

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