The Indonesian digital signature startup, PrivyID has raised the undisclosed amount in its Pre-Series A round of funding led by Mandiri Capital Indonesia (MCI), the VC investment vertical of state-owned Bank Mandiri.
Other investors such as MDI Ventures, Gunung Sewu Group, and Mahanusa Capital have also participated in this round of investment.
Commenting on the investment, Eddi Danusaputro, President and Director, Mandiri Capital said, “Electronic signatures have a large market potential with potential clients from multiple industries, such as multi-finance, banks, human resource, fintech companies, and online marketplaces.”
Founded by Marshall Pribadi in 2016, PrivyID develops electronic identity verification technology that works across platforms. It’s an electronic signature that can be applied to a variety of digital documents, making them legally binding. It’s especially relevant for businesses who have lots of digital transactions, like sales or procurement.
As per the statement, the company plans to deploy raised capital in infrastructure and product development.
Marshall Pribadi, Founder and CEO, PrivyID said, “I believe what we are doing is in line with the government’s ambition to accelerate digital economy growth, because it would never happen without a trusted identity in the cyberspace and legally binding digital signature. Unlike casual social media, financial services would not be able to deliver pure digital offerings by only using email or phone number as the root identity of their customers in the online world.”
PrivyID provides a universal identity verification technology that is an electronic signature. The legally binding signature can be applied to various digital documents across all platforms. The startup claims to have over 130,000 verified users and claims to be growing by up to 2,100 users a day.