Skor Technologies, the parent organisation of Indonesia-centric Skorlife and the newly introduced Skorcard credit card, has successfully raised $6.2 million in its pre-Series A funding round, which was led by Argor Capital, a venture capital firm focused on Southeast Asia. This round also included contributions from existing investors such as QED Investors and Saison Capital, alongside a new investor, the Digital Currency Group.
Ongki Kurniawan, Co-founder and CEO of Skor Technologies, highlighted the following:
– Indonesia represents a market that is constrained in terms of supply for credit-line products.
– The current landscape presents an opportune moment to address the rising demand among consumers, beginning with a digital-first credit card solution.
– There is potential to cultivate a customer base of two million cardholders.
– Working in collaboration with their banking partners, there is a strong commitment to realise this vision.
The company has established a strategic partnership with Bank Mayapada International to create a Banking as a Service (BaaS) platform that aims to open up new growth avenues.
By focusing on credit card-related challenges, Skor Technologies intends to utilise this funding to address the underdeveloped consumer credit market in Indonesia.
Sid Pisharody, Partner at Argor Capital, has acknowledged the significant growth potential in Indonesia’s consumer credit sector.
Previously, in May 2023, the company raised $4 million. In March 2024, it launched the “digital-first credit card”, Skorcard, in collaboration with Bank Mayapada International, reinforcing Skorcard’s value proposition.
Skor Technologies has set an ambitious target to achieve over $100 million in transaction volume by 2025. With its platforms, Skorcard and Skorlife, the company is dedicated to enabling users to gain control over their credit and overall financial health.
