Indonesia’s Skor Technologies raised $6.2 M Pre-series A funding from Argor Capital
In its most recent Pre-A round, Skor Technologies, the parent company of the new Skorcard credit card and Indonesia-focused Skorlife, raised $6.2 million.
Skor Technologies said in a statement on Tuesday that the round was led by Argor Capital, a venture capital firm with a focus on Southeast Asia.
The fintech company raised over $12 million in total thanks to the participation of its new investor, the Digital Currency Group, as well as its previous investors, Saison Capital and QED Investors.
Skor Technologies has set clear goals for 2025, when they hope to surpass $100 million in transaction volume, but they still have a clear vision of 2 million cards.
The money raised will go toward expanding the team with essential skills throughout the company and assisting the business in reaching scale.
“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,” said Ongki Kurniawan, Co-founder and Chief Executive Officer of Skor.
“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,” he added.
Skor closed a $4 million seed round in May 2023, led by Hummingbird Ventures and including Bolt by QED, as well as previous investors Saison Capital and AC Ventures.
Prioritizing its credit-education product Skorlife at the time, the fintech company launched Skorcard, a “digital-first credit card,” in March 2024 in collaboration with Bank Mayapada International.
The company has spent the last few months concentrating on establishing card operations and testing user demand and uptake.
Additionally, the startup asserts that it uses data in novel ways to help and involve users.
Skorcard’s annualized spending volume exceeded $10 million in its first year of operation.
Additionally, Skorlife, the platform for credit education, exceeded two million downloads.
“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,” said Sid Pisharody, Partner at Argor Capital.
“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,” he added.
According to Sandeep, Partner and Head of Asia at QED, Skor Technologies’ cutting-edge digital-first credit card and credit education platform is completely changing Indonesia’s financial scene.
“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,” he added.
Skor Technologies has been bolstering its workforce as well. Kush Srivastava, the third co-founder, brought a wealth of fintech and tech experience from his previous roles as Card91’s co-founder.
Kirill Odinstov joins as Head of Data Science and Chief Revenue Officer in the interim. Odinstov oversaw HomeCredit Indonesia’s underwriting department.
