Privy Pockets Series B Funding of 240 Billion Rupiah Led by GGV Capital

Startup provider of digital signature and digital identity services Privy announced a series B funding of $17,5 million or approximately 240 billion Rupiah. The funding was led by GGV Capital, followed by Endeavor Catalyst, Buana Sejahtera Group, and most of the previous investors, namely MDI Ventures, Telkomsel Innovation Partners, Mandiri Capital, and Gunung Sewu Group.

The fresh funds will be used to expand the scope of IT infrastructure and its security. Privy projects daily transactions will increase dramatically from 100.000 per day to 800.000 per day in just two years. Since 2017, Privy's corporate subscribers grew 17,5x, individual users grew 30x, and the number of signed documents grew 58x.

“We are so grateful for the relentless support of our existing investors, employees and clients, we wouldn't have gotten this far without them. I also want to thank GGV Capital and Endeavor for trusting us, welcome to the Privy family. Starting today, we have an amazing new partner to take the Privy to the global stage,” said Personal Co-Founder & CEO Marshall Marshall.

As a pioneer of digital signatures in Indonesia and the only one to pass the Regulatory Sandbox Bank Indonesia (BI) program, Privy has partnered with major banks, such as BRI, Mandiri, CIMB Niaga, BNI, Danamon, Nobu Bank, and Panin Bank. . From the number of transactions handled and its customer profile, it shows that the Privy has passed the most stringent quality, reliability and service security tests.

"Our partnership with Privy is underpinned by our commitment to working with local founders who show a real passion for solving the big challenges of this era – one of which is increasing public access to digital services," said Managing Partner at GGV Capital, global VC Jenny Lee.

Fajrin Rasyid, Director of Digital Business Telkom and President Commissioner of MDI Ventures said, “Telkom Group has trusted Privy since the beginning of its journey. We are committed to providing our support to Privy to help them enable Indonesians to digitally sign safely and conveniently, just like our mission to digitize Indonesia.”

At the end of 2019, Privy has pocketed a staged investment A2 series from Telkomsel Innovation Partners (TMI). It is not stated how much the nominal investment is disbursed, but the form of cooperation and integration will also be presented by both parties. Previously, PrivyID had pocketed Pre-Series A funding led by MDI Ventures and Mandiri Capital Indonesia in mid-2017. Gunung Sewu and Mahanusa Capital are also involved in this funding.

Privy business growth

As part of its global expansion strategy, to coincide with its fifth anniversary, Privy also changed its name from PrivyID to Privy. This year, Privy is also expanding its digital signature business to European Union countries by partnering with Zettabyte, a higher education SaaS provider.

To date, the number of signatures that have been signed through the Privy service has also increased rapidly to more than 69 million signatures as of October 2021. This development is largely influenced by policies work from home implemented by various companies during the Covid-19 pandemic. In 2021, Privy also received the highest recognition from the Ministry of Communication and Information of the Republic of Indonesia as a Parent Electronic Certificate Provider (PSrE), thereby increasing the trust of various large companies in Indonesia.

According to data from Statista, the total market potential of digital identity solutions globally 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 government regulations. new.

Privy has helped millions of users to open bank savings accounts, securities account openings, credit card applications, insurance policies, motor vehicle purchases, signing invoice, apply for loans from fintechs, sign leases, and perform many other jobs and transactions without the need to physically travel and sign paperwork.

Apart from Privy, currently there are startups with similar services, such as TekenAja, Verihub, and Life.