(L-R) Skor co-founders Karan Khetan, Ongki Kurniawan, and Kush Srivastava
Skor Technologies, the fintech firm behind Skorlife and the newly launched Skorcard credit card, has raised US$6.2 million in a pre-Series A funding round led by Argor Capital.
The round involved both existing investors, such as QED Investors and Saison Capital, and new investors, such as Digital Currency Group.
This latest injection of capital brings Skor’s total funding to over US$12 million. The new round will help the business scale while growing the team with key talent across the organisation. Skor has set clear sights for 2025, with a target of crossing US$100 million in transaction volume.
The company aims to address the underpenetrated Indonesian consumer credit market. Credit card usage in the archipelago remains low, below 3 per cent, compared to regional peers like Thailand (8 per cent) and Malaysia (20 per cent).
A 2022 national survey indicated that less than half of Indonesians understand their finances well. Skor aims to bridge this gap, offering both a digital-first credit card and a credit education platform.
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Skor’s journey began with its credit-education product, Skorlife, which launched in May 2023 with a US$4 million seed round led by Hummingbird Ventures.
In March 2024, Skor expanded into credit cards with Skorcard, in partnership with Bank Mayapada International. Skorcard is designed as a digital-first product, with a purpose-built mobile app that uses “gamification” to engage users. The card leverages data in unique ways to assist and engage users.
Skorcard has already surpassed US$10 million in annualised spending volume in its first year. Skorlife, the credit-education platform, has achieved over 2 million downloads.
Ongki Kurniawan, co-founder and CEO of Skor, notes that Indonesia is a supply-constrained market for credit products, and the timing is right to solve this growing consumer need. He believes there is potential to build a 2 million card base customer, and they are highly motivated to achieve this goal with their bank partners. The partnership between Skorcard and Bank Mayapada International is intended to be mutually beneficial, with the bank expanding its BaaS platform for growth.
Skor’s leadership team combines domain expertise, market understanding, and strong financial service networks.
The company recently strengthened its team with the additions of Kush Srivastava, Kirill Odinstov, and Surendra Singh.
In 2022, Skor raised US$2.2 million in pre-seed funding round from a group of investors, including AC Ventures, Saison Capital, OneCard founders, Advance.ai’s Jefferson Chan, and KoinWorks’s Will Arifin.
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