Photo by PrivyID

JAKARTA (TheInsiderStories) – Local venture capital firms, PT Mandiri Capital Indonesia (MCI), PT MDI Ventures (unit of PT Telkom Indonesia Tbk), PT Gunung Sewu and PT Mahanusa Capital give a pre-Series A funding worth of US$500,000 for PrivyID, a pioneering financial technology business with digital signature products, the company said in a statement.

Unit of the state-owned lender PT Bank Mandiri Tbk (IDX: BMRI) itself has provided capital participation around Rp 300 billion to seven pilots in the field of financial technology.

According to MCI’s President Director Eddi Danusaputro, electronic signature products have a huge market opportunity because potential clients such as multi finance, banking, employment, franchising, financial technology, online outlets, and others can improve the company’s logistics efficiency.

“This is the latest business model that offers a paperless concept to answer the needs of business actors for efficiency and business optimization,” He said.

As an investor, Eddi continued, his side will also develop PrivyID through business assistance and product promotion support by utilizing customer base at Bank Mandiri Group.

Meanwhile, CEO and founder of PrivyID Marshall Pribadi added, that these electronic signature products can be used by both individuals and legal entities to deliver digitally signed digital documents with searchable integrity of the audit trail.

“We ensure that these electronic signature products are very safe and have good authenticity. Even today, we are processing more than 3,500 digital signatures per day,” Marshall added.

Followed by Marshall, PrivyID, which has registered more than 500,000 users, is expected to provide added value to Mandiri Capital Indonesia.

According to Marshall, at least some of the funding is allocated to security devices and for the procurement of new office space in Jakarta and Yogyakarta, as well as recruitment to security and technology teams.

“Since then PrivyID has worked with various projects for Telkom Group. We will continue to work with leading startups in various verticals to catalyze growth with our resources and network, “said CEO MDI Ventures Nicko Widjaja by adding, in Telkom Group PrivyID technology has been used in IndiHome and T-Money.

PrivyID founded Marshall Pribadi and Guritno Adisaputro, is currently serving about 49 enterprises and 550,000 individual customers. Marshall stated, that PrivyID aims to grab up to 4 million new customers by the end of next year.

(Written by Linda Silaen, Email: linda.silaen@theinsiderstories.com)

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