Privy Realizes Expansion to Australia Post-Series C Round

Digital signature and digital identity service startup Privy said it plans to expand to Australia. This country is the company's first post-acquisition destination series C round of $48 million announced in November 2022.

This news was announced directly by the Co-Founder and CEO of Privy Marshall Pribadi in uploads on his LinkedIn page. "Thanks IA-CEPA ECP Katalis for supporting Privy's expansion to Australia. Looking forward to working together with you guys!,” he wrote, yesterday (13/12).

Contacted separately by DailySocial.id, Marshall did not respond to all questions that were sent until this news was published.

This expansion is said to have been realized thanks to Privy's collaboration with IA-CEPA ECP Catalyst (Catalyst). The catalyst is a program bilateral economic cooperation that supports strong, sustainable and inclusive trade and investment between Indonesia and Australia. This program was established based on the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) trade agreement which took effect on 5 July 2020.

Katalis works with business and government to implement the IA-CEPA, complementing existing Australian development activities, presenting a commercially oriented, bilateral and gender oriented and socially inclusive approach to all that is undertaken.

The establishment of the IA-CEPA has several backgrounds. Indonesia and Australia are strategic trading partners so the formation of the IA-CEPA can create a framework for Australia and Indonesia to unlock the great potential of bilateral economic partnerships, encouraging economic cooperation between businesses, communities and individuals.

This plan was previously mentioned by Marshall when obtaining Series C funding which was announced in November 2022. He said that with the support and global experience of KKR & Co Inc., combined with the support of investors MDI Ventures, GGV Capital and TMI who played an important role in achieving the company's success so far.

"Privy is in the right position to innovate further with stronger offerings and capabilities, as well as build a strong foundation for overseas expansion," he said.

His statement was supported by Louis Casey as KKR's Growth Technology Lead in Southeast Asia. He said, "Privy has built an industry-leading platform that combines key features, user-friendly design, and a secure and robust infrastructure. We look forward to leveraging KKR's global network and operational expertise to take Privy to the next level of growth and expand its leadership in digital trust for individuals and companies in Indonesia and beyond."

Private Development

Founded in 2016, Privy offers a wide range of services including digital identity, digital signature, digital verification, and document management products and services across a wide range of sectors including financial services, healthcare and education.

In its development in 2018, Privy became the first non-governmental institution to obtain a license as a Certificate Authority (CA) from the Indonesian Ministry of Communication and Information Technology. A year later, it became the first e-KYC service provider registered with OJK.

Currently, Privy is the market leader with more than 30 million verified users and 1.800 enterprise consumers on its digital signature, digital verification and subscription products, and processes more than 40 million digital signatures per year.

According to a Statista report, the global digital identity solutions market is projected to grow from $23,3 billion in 2020 to $49,5 billion in 2026. The rapid growth of this market is driven by increasing cases of identity fraud, data breaches, and new government regulations.