Privy, an Indonesian digital trust provider, has raised $17.5 million in a Series B fundraising round headed by GGV Capital.
Endeavor Catalyst, Buana Sejahtera Group, and current investors MDI Ventures, Telkomsel Mitra Inovasi, Mandiri Capital, and Gunung Sewu Group also participated in the investment round.
The new cash will be used to expand Privy’s IT and security infrastructure.
As part of its worldwide development strategy, the firm has changed its name from PrivyID to Privy.
“The new brand keeps privacy at the heart of the company while setting its course to grow the business beyond what it is today. This year, Privy also expanded its digital signature business into European Union countries by partnering with Zettabyte, a higher education SaaS provider,” Privy wrote in a press statement.
Privy was the first Indonesian firm to join the FIDO Alliance, a worldwide industry organisation dedicated to developing a secure and user-friendly global authentication standard.
The epidemic, according to the firm, has aided its recent growth. Since 2017, the number of Enterprise clients has increased by 17.5 times, the number of individual users has increased by 30 times, and the number of signed documents has increased by 58 times.
Privy claims to have helped 18.5 million users open bank savings accounts, stock trading accounts, apply for credit cards, insurance policies, lease a car, submit invoice financing, take loans from fintech lending companies, sign rental contracts, and accept job offers without having to sign hardcopy documents in just five years.
Privy includes prominent national banks as customers, including BRI, Mandiri, CIMB Niaga, BNI, Danamon, Nobu Bank, and Panin Bank, as the digital signature player that passed the Bank Indonesia Regulatory Sandbox.
Zurich, Manulife, ISS, WWF, Kelly Services, and Phillip Morris were among the global companies represented.
As the pandemic pushed for digital transformation and improvements in numerous areas of life, one of the fastest-growing industries in the global IT business is digital trust.
DocuSign, the e-signature behemoth, announced the establishment of DocuSign Ventures last week, with the goal of investing in and partnering with businesses seeking to enhance the agreement process.