Skorlife, an Indonesian credit scoring company, has recently secured US$4 million in seed funding for fintech development in Singapore. The funding was led by BEENEXT, a venture capital firm that focuses on early-stage startups in Southeast Asia, India, and Japan. Other investors include 500 Startups, Golden Gate Ventures, and Alpha JWC Ventures.
Skorlife was founded in 2019 by a team of experienced entrepreneurs and data scientists with the aim of providing credit scoring services to the unbanked and underbanked population in Indonesia. The company uses alternative data sources such as social media activity, mobile phone usage, and utility bill payments to assess the creditworthiness of individuals who do not have a formal credit history.
The company’s innovative approach to credit scoring has attracted the attention of investors who see the potential for Skorlife to disrupt the traditional banking industry in Indonesia and other emerging markets. With the new funding, Skorlife plans to expand its operations to Singapore and other Southeast Asian countries, where there is a growing demand for fintech solutions that can serve the needs of the unbanked and underbanked population.
Skorlife’s expansion into Singapore is particularly significant as the city-state is known for its advanced fintech ecosystem and supportive regulatory environment. The company plans to leverage Singapore’s expertise in fintech to develop new products and services that can help bridge the gap between traditional banking and the underserved population.
One of Skorlife’s key products is its mobile app, which allows users to access their credit scores and apply for loans directly from their smartphones. The app also provides financial education and budgeting tools to help users manage their finances more effectively. Skorlife’s focus on financial inclusion and education aligns with Singapore’s vision of becoming a Smart Nation, where technology is used to improve the lives of citizens and promote economic growth.
Skorlife’s success in securing seed funding is a testament to the growing interest in fintech startups that are focused on serving the needs of the unbanked and underbanked population. With its innovative approach to credit scoring and its expansion into Singapore, Skorlife is well-positioned to become a leading player in the fintech industry in Southeast Asia and beyond.
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- Source: https://zephyrnet.com/indonesian-credit-scoring-firm-skorlife-raises-us4-million-seed-funding-fintech-singapore/