PrivyID Pockets Series A2 Funding from Telkomsel Innovation Partner

After previously being rumored to be receiving new fresh funds, the digital identity service provider, PrivyID, announced the acquisition of the Series A2 stage investment 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 has 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.

Strategic cooperation

To DailySocial PrivyID CEO Marshall Pribadi revealed, the collaboration will later involve technology digitalsignature belongs to PrivyID into the platform. TMI's funding for PrivyID is the first step in building a platform that can transform the identity verification service market, by providing consumers with an effective and integrated platform.

"In addition to gaining the essential knowledge foundation, we have also gained the network of connections that are much needed to gain a foothold in the industry. By working together Telkomsel"We are increasingly optimistic in carrying out our mission to realize financial inclusion and unlock the potential of the digital economy in Indonesia."

There is no further mention of what kind of technology or product PrivyID will present with Telkomsel inside it. However, Marshall confirmed that his party will use various types of the latest technology, such as AI-based document checking, character detection of life (lives detection), facial recognition (facial recognition), encryption infrastructure and integrated authentication path (smart authentication gateway).

With security in mind, this service can identify users through a credit scoring algorithm combined with other methods such as digital signatures and verified identity cards, to process users in just minutes. The result of this product integration opens up opportunities to accelerate financial inclusion in Indonesia.

"Technology application program interface (API) and workflow PrivyID products provide an effective and efficient operational process for its users. PrivyID services are now in a position to grow significantly, which at the same time accelerates financial inclusion. PrivyID collaboration with products, assets and resources from Telkomsel, will present many interesting innovation developments in this field in the next few years," said CEO of TMI, Andi Kristianto.