The authentication services company Privy, based in Indonesia, is expected to raise $48 million in a series C round led by KKR.
The fund-raise will include participation from current backers like MDI Ventures, GGV Capital, and Telkomsel Mitra Inovasi as well as new backers like Singtel Innov8.
In order to open bank accounts, apply for insurance, and secure loans without having to physically sign documents, customers can use Privy’s electronic know-your-customer services. It offers document management and digital identity and verification services.
The company claimed 1,800 enterprise customers and 30 million verified users. A year’s worth of digital signatures are processed through it.
With the additional funding, the startup intends to further scale its operations and enter foreign markets.
“We look to leverage KKR’s global network and operational expertise to take Privy to its next level of growth and extend its leadership in digital trust for individuals and enterprises in Indonesia and beyond,” said Louis Casey, KKR’s growth tech lead in Southeast Asia.
In a series B investment round led by GGV Capital in 2021, Privy received US $17.5 million in cash.
