KKR, a leading global investment firm, and Privy (the
“Company”), a leading digital trust provider in Indonesia, today
announced the signing of definitive agreements under which KKR will
participate as the lead investor in the $48 million Series C
funding round of Privy, with participation from existing investors
MDI Ventures, GGV Capital and Telkomsel Mitra Inovasi (“TMI”), and
new investors including Singtel Innov8. The investment will help
Privy strengthen its leading position as a digital signature and
digital identity provider in Indonesia, support the development of
new consumer and enterprise products to enable Indonesians and
businesses to access a wider range of services securely and
accelerate broader digital transformation.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20221113005093/en/
This latest investment in Privy builds on the strong commitment
by the Indonesian government to accelerate the digital
transformation of the world’s fourth largest population1 through
four strategic sectors – namely digital infrastructure, digital
governance, digital economy, and digital citizenship – and
contribute to the development of the digital community in Southeast
Asia. Indonesia’s digital economy is projected to reach $146
billion by 20252, and to become Southeast Asia’s largest digital
economy valued at more than $300 billion by 2030.3 With the support
of new and existing investors, the Company also intends to expand
into overseas markets to further accelerate growth.
Marshall Pribadi, CEO and Co-Founder of Privy, said, “We
are thrilled to welcome KKR as among our new investors. Their
participation in this latest fundraise, alongside the continued
support by our existing investors, is testament to the progress we
have made over the course of Privy’s journey, and the conviction in
our long-term vision of building digital trust through our platform
and the potential of Indonesia’s digital transformation. With their
support and global experience, combined with the support of our
existing investor MDI Ventures, GGV Capital, and TMI, who have
played an important role in helping us to achieve our success so
far, Privy is well-placed to innovate further with new offerings
and stronger capabilities and build a strong foundation for
overseas expansion.”
Mukul Chawla, Partner and Head of Growth Equity, Asia Pacific
for KKR, said, “Privy has established itself as a pioneer in
Indonesia’s digital trust space with strong ambitions. We are
excited about the Company’s growth potential and by the opportunity
to advance Indonesia’s digital transformation and prosperity.”
Louis Casey, KKR’s growth technology lead in Southeast
Asia, said, “Privy has built an industry-leading platform that
combines prime features, a user-friendly design, and secure and
robust infrastructure. We look to leverage KKR’s global network and
operational expertise to take Privy to its next level of growth and
extend its leadership in digital trust for individuals and
enterprises in Indonesia and beyond.”
Founded in 2016, Privy is a leading digital trust platform in
Indonesia that provides trusted digital identities and legally
binding digital signatures. The Company offers a wide range of
services including digital identity, digital signature, digital
verification, and document management products and services in a
wide range of sectors including financial services, healthcare, and
education. In 2018, Privy became the first non-government
institution to be licensed as a Certificate Authority (CA) by
Indonesia’s Ministry of Communication and Information Technology4
and, in 2019, the first electronic Know-Your-Customer service
provider to be registered under Indonesia’s Financial Services
Authority.5 Today, Privy is the market leader with more than 30
million verified users and 1,800 enterprise consumers on its
digital signature, digital verification, and subscription products,
and processes more than 40 million digital signatures per year.
KKR is making its investment from its Asia Next Generation
Technology strategy. Privy is KKR’s latest growth technology
investment in software in Southeast Asia and adds to recent
investments in the region including GrowSari, a
business-to-business e-commerce platform serving small and medium
enterprises (“SMEs”) in the Philippines, and KiotViet, a merchant
platform for SMEs in Vietnam. KKR’s other recent growth technology
investments in the broader Asia Pacific region include Education
Perfect, an education software platform in New Zealand, dataX
(formerly From Scratch), an internet software and services company
in Japan, NetStars, the operator of Japan’s largest QR code payment
gateway, and Livspace, a Direct-to-Consumer home renovation
platform with a presence in India and Singapore. Additional details
of the transaction are not disclosed.
***
About Privy
Privy is the leading digital trust provider and the first
Indonesian company to join the FIDO Alliance, an International
Industry Association with the mission to create a safe and
user-friendly global authentication standard. Privy is listed in
Forbes Asia 100 to Watch 2021 and a Certificate Authority rooting
the Indonesia’s national root CA operated by the Ministry of
Communication and Informatics. According to the data reported to
the Ministry of Communication and Informatics by Indonesian
Certificate Authorities, approximately 80% of newly issued digital
certificates in 2020 were issued by Privy.
Privy is also the first E-KYC provider officially registered at
Indonesia’s Financial Service Authority (OJK) and the only digital
trust provider which passed the regulatory sandbox of Indonesia’s
Central Bank (BI). Since 2019, Privy has gained official agreement
to access Indonesian national identity data and facial biometrics
administered by Indonesian Directorate General of Population and
Civil Registration, Ministry of Homeland Affairs to verify the
identity of its user with the highest accuracy. In October 2022,
Privy just received the Finance Minister’s decree, enabling Privy
to serve both individual and institutional taxpayers to digitally
sign tax related documents using their respective PrivyID or
EnterpriseID. Privy’s CEO, Marshall Pribadi, is currently serving
as the chairman of Indonesia Regtech and Legaltech Association
(IRLA), Vice Chairman of Indonesia Fintech Association (AFTECH), an
Endeavor Entrepreneur, and listed in Forbes Asia 30 under 30
2017.
About KKR
KKR is a leading global investment firm that offers alternative
asset management as well as capital markets and insurance
solutions. KKR aims to generate attractive investment returns by
following a patient and disciplined investment approach, employing
world-class people, and supporting growth in its portfolio
companies and communities. KKR sponsors investment funds that
invest in private equity, credit and real assets and has strategic
partners that manage hedge funds. KKR’s insurance subsidiaries
offer retirement, life, and reinsurance products under the
management of Global Atlantic Financial Group. References to KKR’s
investments may include the activities of its sponsored funds and
insurance subsidiaries. For additional information about KKR &
Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and
on Twitter @KKR_Co.
______________________
1 World Bank (2022): Population, total 2 Google, Temasek, Bain
& Company (2021): e-Conomy SEA 2021 report 3 ANTARA (2022):
Indonesia to be largest digital economy in SE Asia by 2030:
Minister 4 Kontan (2019): Hadapi sandbox OJK, fintech PrivyID
rancang skenario 5 Privy: Indonesia’s Ministry of Communication and
IT officially inaugurated 6 Certificate Authorities
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221113005093/en/
Media
For KKR:
Wei Jun Ong +65 6922 5813 WeiJun.Ong@kkr.com
For Privy:
Baba Pramudia Ruzuar +62 811 1003 888 baba@privy.id
KKR (NYSE:KKR)
Historical Stock Chart
From Jun 2024 to Jul 2024
KKR (NYSE:KKR)
Historical Stock Chart
From Jul 2023 to Jul 2024