INDONESIA: SkorLife, a platform that provides Indonesians with free and instant access to their credit score, has raised US$22.2 million in its recent pre-seed funding round.
The company's angel investors include AC Venture, Saison Capital, the founders of OneCard (FPL Technologies) and other high-profile organisations.
The new funding will be allocated for product development, new hires and driving
Karan Khetan, COO and founder of SkorLife said, that Indonesians lack awareness about how creditworthiness ties to their current or future loans.
"Access to the ‘right’ credit will be a big part of the conversation moving forward. We believe SkorLife will be instrumental in driving financial literacy and inclusion in the nation," he said.
SkorLife is a unique offering in Indonesia that exists to address pain points specific to the region. According to the company, creditworthiness is extremely underutilised in Indonesia as banks and other financial institutions primarily rely on "income worthiness" when evaluating whether to offer lines of credit to borrowers.
Accessing credit scores in Indonesia either requires long waiting times or expensive fees. SkorLife aims to address these concerns by providing users with a free credit builder application. Users can access their credit score, credit reports and other relevant data from credit bureaus and dispute any inaccurate information on their credit reports through the application.
SkorLife also provides personalised tips on improving credit scores using artificial intelligence.