SkorLife takes $4m seed funding to empower Indonesians with financial literacy

This fintech startup plans to leverage technology to lift the Indonesian market’s potential for better financing.

SkorLife, a rising fintech startup based in Indonesia, recently made headlines as it successfully raised $4m (IDR60.29b) in seed funding.

The seed funding round on 24 May this year, steered by technology investor Hummingbird Ventures, should advance SkorLife’s product development, enhance brand visibility within the market, broaden its team, and drive the overall growth of the company.

Along with participation from QED Investors, LLC, other investors like AC Ventures and Saison Capital are present for the funding, SkorLife said in an announcement regarding the funding round.

All that is because SkorLife’s mission to improve financial literacy has caught the attention of investors and industry experts alike.

Karan Khetan, SkorLife co-founder and chief operating officer, told Asian Banking and Finance that the company plans to utilise the funding, its product development strategies, and its future expansion prospects in fulfilling its mission.

“Education is the precursor to everything. I say education is a sort of knowledge, knowledge is the precursor to action. And so what we do is help people get that knowledge, and that drives better decisions,” Khetan said during the the exclusive interview.

The company’s dedication to leveraging technology for the greater good, coupled with its engaging educational initiatives, positions it as a promising player in the Indonesian fintech landscape.

With a strong focus on team building and technology advancements, SkorLife aims to deliver innovative and user-friendly financial products to its customers.

Khetan said the fintech company “pioneered” access to credit history, loan approval chances, and identity monitoring in the Indonesian market.

“So what’s unique about SkorLife is that we are the only credit builder in Indonesia. What credit builder means is really that we give people access, understanding and advice on their credit data. So we give people real-time, almost instantaneous access to their credit data. Which we pull from credit bureaus, which in turn, are connected to the core, the proper data sources, such as banks, and so on,” Khetan said.

Team building and tech advancements

Like most startups in their early stages, SkorLife is set on allocating a substantial portion of the seed funding to build and strengthen its team.

With a current team size of about 13 members, the company recognises the significance of bolstering its talent pool.

“We are a very small team. When we raised the funding, we had the idea to strengthen the team – in technology and product,” Khetan said.

The emphasis will be on recruiting tech-savvy professionals and experts in product development who can drive innovation and elevate the quality of their services.

Furthermore, SkorLife aims to harness the power of technology to enhance its offerings.

The first version of their product provides users with access to valuable financial data and advice.

“At this point, we are just starting our journey. We have built the first version, which is granting people access to data whilst providing them with advice. But we still need to go much much deeper than this. There’ll be a number of features that we will launch in the coming months,” said Khetan.

However, the company envisions going deeper by creating a user-friendly app that will seamlessly integrate into users’ daily lives.

This app will serve as a personal finance tracker and will be equipped with features designed to help users make smarter financial decisions.

Mission to improve financial literacy

Since the heart of SkorLife’s vision lies in its mission to improve financial literacy among Indonesians, substantial effort and allocation of resources are required.

Crucial investments will be made in engaging activities that play a key role in disseminating financial knowledge across various segments of the population.

The company plans to leverage multiple media channels, including social media, podcasts, and partnerships with regulators to reach a wide audience.

“It’s a very big, audacious goal for Indonesia alone. It needs a lot of focus. It needs a lot of local engagement. It needs regulatory engagement and focus on a number of partners that we need to engage with,” Khetan said.

Whilst the initial version of SkorLife’s product has been released, the company has kept details of its future product developments under wraps, building anticipation for what lies ahead.

One thing is evident, though — that the upcoming features will be geared towards helping users manage their finances more effectively.

“In the future. When opportunities open up, I’m sure they will, and we will evaluate them. And the time is right.” said Khetan, projecting SkorLife’s commitment to making a lasting impact on the financial well-being of millions of Indonesians.