C88 Financial Technologies, a Singapore-headquartered startup that builds financial technology infrastructure such as financial marketplaces and credit risk models, has raised US$28 million in Series C funding.
The round - said to be one of the largest Series C rounds in South-east Asia - is led by Experian, a global information services company based in Dublin. Other investors in the round include responsAbility Investments AG, DEG, InterVest, FengHe Fund Management, Pelago Capital and Fuchsia Venture Capital, as well as existing investors Monk’s Hill Ventures, Telstra Ventures, Kickstart Ventures and Kejora Ventures.
This reportedly takes C88’s funding to-date to over US$45 million. C88 raised a Series B round in September 2016 and a Series A round in March 2015, the sums of which were undisclosed.
Founded in 2013, C88 owns and operates Indonesia’s CekAja.com and Philippines’ eCompareMo.com. Both websites are believed to be among each country’s top financial marketplaces - and offer retail and small business consumers an "integrated financial education, shopping and application experience for all financial asset, liability, insurance and investment product categories".
Experian’s strategic investment in C88 also comes with a commercial partnership with C88 and its brands, under which Experian's software and solutions will be embedded into CekAja.com and eCompareMo.com.
Experian said that for consumers, this means they will be better matched to products they are eligible for. "This will be particularly applicable to those consumers with little financial history. For financial institutions, this means they will be able to deploy best-in-class demand generation, analytics and digital on-boarding technologies directly via C88."
Ben Elliott, chief executive officer for the Asia-Pacific at Experian, added: “In South-east Asia, as little as 48 per cent of more than 600 million people have access to a bank account. Exclusion from the traditional banking system makes it almost impossible for individuals and businesses to borrow or save money.
"Experian has been working closely with financial institutions and startups across Asia, including C88, to progress this. Together, we are building an ecosystem in countries where traditional data is not readily available, and in the process, making important leaps towards empowering consumers with enhanced financial access."
With the new capital, C88 is opening a third financial marketplace in Thailand.