“SkorLife” Credit Scoring Startup Reaches 32 Billion Rupiah Pre-Start Funds

Startups fintech Credit scoring provider SkorLife announced that it has raised $2,2 million (over 32,8 billion Rupiah) in pre-early funding from a group of investors. AC Ventures and Saison Capital participated in this round, along with the ranks of angel investors in Asia.

What is the name angel investors The participants included the founders of OneCard (FPL Technologies), Jefferson Chen (Advance.ai), Willy Arifin (KoinWorks), Krishnan Menon (Lummo), Arip Tirta (Evermos), Harshet Lunani (Qoala), Achmad Zaky (Init-6), and several executives from Northstar Group, Stripe, Google, Boston Consulting Group, Gojek, and CreditKarma.

Fresh capital will be allocated for product development, recruiting new employees, and upgrading awareness.

This startup was founded by Ongki Kurniawan (CEO) and Karan Khetan (COO). Both are veterans in the world of technology. Ongki has held a number of important positions, including Country Head Indonesian Stripes, Executive Director at Grab, Managing Director at LINE, and has held various senior positions at XL Axiata, BCG, and others. Meanwhile, Khetan is a co-founder at 5x, BookMyShow Southeast Asia, Lamudi, former MD at Rocket Internet, and more.

In an official statement delivered today (5/9), Ongki explained that SkorLife is the first credit maker in Indonesia which is still in its early stages. With the support of various investors, from the validation results that have been carried out, he believes that SkorLife is in the right position to lead the consumer credit burden in the country.

“Through our service, individuals will be able to build and improve their credit profile with features such as personalized tips and suggestions. We will also help bring in more NTC (New to Credit) users,” said Ongki.

ScoreLife Solution

SkorLife is in a unique position to build what stakeholders call “credit builders” in the consumer credit sector. Credit eligibility is underutilized in Indonesia, until recently banks and other financial institutions relied on “income eligibility” when deciding whether or not to offer credit to borrowers.

To address this, SkorLife aims to give consumers control back by making them take a more active role in building and maintaining their credit scores.

ScoreLife creates a credit builder app for people to access and monitor credit scores, credit reports, and other relevant data from credit bureaus – instantly and for free. ScoreLife also offers a mechanism to help consumers dispute inaccurate information on their credit reports.

For consumers who already have a credit history, ScoreLife will help them access and improve their scores. For those without a credit history (recent graduates, freelancers, content creators, etc.), the app will help them start building their score. In both scenarios, SkorLife offers AI-driven and personalized tips to help users unlock wider access to credit.

With no direct competitors in the market, SkorLife operates in a 'green field' space. Indonesia currently has 92 million credit records in its bureaus. Meanwhile, most Indonesians currently do not have access to this information. SkorLife expects about 2,5 million New to Credit (NTC) users per year in the future.

Khetan added that his party solved the real problem from the hundreds of feedback that had been received, it was concluded that there was a clear gap in the credit life cycle in Indonesia. SkorLife is the only consumer-focused, free and instant service.

“Currently, Indonesians are not aware of the loans they have or are planning to do with their creditworthiness. Access to 'true' credit will be a big part of the conversation that follows. We believe SkorLife will play an important role in driving financial literacy and inclusion in this country,” he said.

Currently, SkorLife has 19 people in its team, it is planned to increase to 40 people. SkorLife product alpha version has been downloaded more than 3 thousand times and growing by 50 to 60 new users per day, organically. This personal adoption statistic exceeds SkorLife's internal target by more than 7 times. The company will soon make its app available for download to the public.

Founder and Managing Partner of AC Ventures, expressed his confidence in SkorLife. He said, the opportunity in Indonesia is very large, even though the space is relatively untapped. The size of the consumer credit market is already at $185 billion. Having said that, it is always a challenge here as lenders can never draw truly holistic conclusions about borrowers based on limited and fragmented information.

“But with this data set just waiting to be unlocked and meaningfully used in consumer applications. We are very happy with SkorLife's vision and mission to put people back in charge of their financial future,” said Adrian.

He added, “We also believe in supporting strong founders early on. The unfair advantage that Ongki and Karan bring to the table is what made AC Ventures so eager to be in the corner of SkorLife from the start.”