Indonesia-based digital signature and identity platform Privy is set to expand its business to Australia. The country will be the startup’s first destination following its US$48 million Series C funding round in November 2022.
The update was announced by Privy Co-Founder and CEO Marshall Pribadi in his LinkedIn post. “Thanks IA-CEPA ECP Katalis for supporting Privy’s expansion to Australia. Looking forward to working together with you guys!” he wrote on Tuesday (13/12).
DailySocial has reached out to Pribadi for comments, but he had not replied by the time of this article’s publication.
The expansion was made possible due to Privy’s partnership with the IA-CEPA ECP Katalis (Katalis). Katalis is a partnership programme to support stronger, sustainable, and inclusive bilateral trade and investment relations between Indonesia and Australia. The programme was set up based on the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) trade agreement valid from July 5, 2020.
Katalis is working with business players and the government to implement IA-CEPA, complementing existing development initiatives by Australia, presenting a bilateral, commercially oriented and social-gender-inclusive approach in its activities.
Also Read: Get Privy for secure digital ID solutions
The formation of IA-CEPA started with the background of Indonesia-Australia’s strategic trade partnership; it was aimed to create a framework for the two countries to dig the potential of bilateral economic collaboration, encouraging partnership between businesses, communities, and individuals.
This expansion plan was first mentioned by Pribadi when the company announced its Series C funding round in November 2022. The CEO said that the network and global experience of KKR & Co Inc., combined with the support of investors MDI Ventures, GGV Capital, and TMI, played a crucial role in the startup’s success.
“Privy is in the right position to innovate further with our offerings and capacity while building a stronger foundation for an international expansion,” he said.
This statement was supported by Louis Casey, Growth Technology Lead at KKR in Southeast Asia. He said, “Privy had built a leading platform in the industry by combining main features, user-friendly design, and a strong and stable infrastructure. We want to tap into KKR’s global network and operational expertise to bring Privy to its next level of growth and expand its leadership in digital trust for leading individuals and corporations in Indonesia and beyond.”
Privy’s milestones
Founded in 2016, Privy offers a wide range of products that include digital identities, signatures, verification, and document management services in various sectors, from financial services, to health, to education.
In its development in 2018, Privy was the first non-government institution in Indonesia to receive the Certification of Authority (CA) from the Ministry of Communications and Informatics. A year later, it became the first e-KYC service provider to be listed on the Financial Services Authority.
Privy claimed to lead the market for digital trust platforms in Indonesia with more than 30 million verified users and 1,800 customers for its digital signatures, verification, and subscription services and onboarded more than 40 million signatures each year.
According to Statista, the global market for digital identity platforms is projected to grow from US$23.3 billion in 2020 to US$49.5 billion in 2026. Increased identity theft cases, data leaks, and new government regulations trigger this rapid growth.
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The article was written in Bahasa Indonesia by Marsya Nabila for DailySocial. English translation and editing by e27.
Image Credit: Privy
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