PrivyID believes that a trusted cyberspace identity and a legally binding digital signature are the foundations of a healthy e-transaction ecosystem

Indonesian digital signature platform PrivyID announced that it has raised an undisclosed pre-Series A funding led by Mandiri Capital Indonesia (MCI), the venture capital arm of state-owned Bank Mandiri.

Telkom-owned corporate venture capital arm MDI Ventures, Gunung Sewu Group, and Mahanusa Capital also participated in the current round.

PrivyID allows individual and corporate users to sign and send documents online with an integrated audit trail, and is believed to be the only startup in Indonesia to offer such service at the moment.

“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,” said PrivyID founding CEO Marshall Pribadi.

Mandiri Capital Indonesia President Director Eddi Danusaputro also said that electronic signature “has a large market potential with potential clients from multiple industries, such as multifinance, banks, human resource, fintech companies, and online marketplaces.”

In order to get a digital certificate and use it to sign documents in any financial institutions in Indonesia, users have to undergo a Customer Due Dilligence (CDD) process in accordance with Financial Service Authority (OJK) regulation on AML and ATF.

PrivyID works by having banks and non-bank financial institutions as their registration authority to conduct the CDD.

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Its digital signature is backed by digital certificate using asymmetric cryptography and public key infrastructure to ensure that the signatories cannot repudiate their signatures, and that every changes made to the signed documents could be identified.

The startup listed Bank Mandiri and BFI Finance as clients.

PrivyID was founded in 2016 by Marshall Pribadi, a graduate of University of Indonesia law faculty.

Pribadi was recently named in the latest Forbes 30 Under 30 list for the Finance and Venture Capital category.

In November 2016, the startup has won the first prize at Finspire, a fintech startup competition co-organised by MCI and e27.

PrivyID was also a part of Telkom’s startup incubation programme Indigo in 2015.

It is said to have over 130,000 verified users and claims to be growing by up to 2,100 users a day.

e27 is reaching out to the company’s spokesperson to find out more details about its plan for the new funding.

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Image Credit: langstrup / 123RF Stock Photo

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