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experian leads $28million series C investment in c88
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Our Kindrik Partners Southeast Asia team is thrilled to have advised fintech leader, C88 Financial Technologies, on its $28 million series C investment round led by Experian. The deal represents one of the largest fintech investments ever in the region.
C88 operates the largest financial marketplaces in Indonesia (CekAja.com) and the Philippines (eCompareMo.com), and is expanding to Thailand with this fundraise. The group’s marketplace brands combine comparison of eligibility and scoring, with brokerage application capabilities across a range of consumer lending, insurance and wealth management products. To date, C88 brands has served over 50 million customers in Indonesia and the Philippines, and over 90 licensed financial institutions are distribution partners.
The investment, together with a commercial partnership with London-listed Experian, will hopefully be transformative for C88 with financial institutions that sell products on C88’s platform receiving access to Experian’s credit-scoring solutions.
The round was supported by new investors responsAbility Investments AG, DEG, InterVest, Pelago Capital, FengHe Fund Management and Fuchsia Venture Capital, together with existing investors, Monk’s Hill Ventures, Telstra Ventures, Kickstart Ventures and Kejora Ventures.
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Kindrik Partners advised VC firm Illuminate Financial on its investment in Singapore-based AI-driven data processing and automation company bluesheets. Illuminate led the US$6.5 million series A round. Other returning investors included Insignia Ventures Partners, Antler Elevate, and 1982 Ventures.
Illuminate invests in B2B fintech and enterprise software companies that build solutions for the financial services industry. Backed by global financial institutions such as Citi, JP Morgan, Barclays, Jefferies, Singapore Exchange Group, and BNY Mellon, Illuminate uses its extensive network and industry knowledge to help their portfolio companies achieve their full potential in addition to providing capital.
bluesheets offers AI-driven data processing and workflow automation software that helps businesses digitise and automate their bookkeeping processes. It plans to use the funds to further enhance its AI capabilities and accelerate growth in key APAC markets, including Singapore, Thailand, ANZ, and Hong Kong.
We’re happy to have advised Singapore-based synthetic data company Betterdata on an oversubscribed seed round of $1.65 million, led by Investible.
The company was founded in 2021 by Dr. Uzair Javaid and Kevin Yee and allows clients to share data faster and more securely in compliance with stricter data privacy regulations being introduced around the world. Betterdata uses generative AI to convert real data into synthetic data that looks, feels, and behaves like real datasets. These synthetic datasets retain the structure and correlations of the original data while eliminating the privacy and security concerns that come with holding and sharing sensitive data.
Betterdata plans to use the funding to publicly launch its product, hire more staff as the company scales, and improve its technology stack, with the aim of providing support for single-table, multi-table, and time-series datasets. The company also plans to expand across the Asia-Pacific region over the next two years.
