Indonesian credit bureaus currently have about 92 million credit records, squaw life Many people say they have trouble accessing their data. That’s why they created the app. It not only allows people to see their credit history for free, but also provides personalized advice on how to improve their data.The Jakarta-based startup today launched a pre-seed fund to fund him 220 announced it had raised $1 million.
AC Ventures participated in the round, along with Saison Capital and angel investors like all of OneCard’s founders. Jefferson Chan of Advance.ai. KoinWorks Will KoinWorks Ariffin. Krishnan Menon of Lumo. Evermos’ Evermos’ Arip Tirta. Hershet Lunani the koala. Willy Ariffin of Init-6. Krishnan Menon of Lumo. Arip Tirta from Evermos. Hershet Lunani the koala. Achmad Zaky from Init-6. Executives at Northstar Group, Stripe, Google, Boston Consulting Group, Gojek, CreditKarma.
According to SkorLife, the app’s private alpha has been downloaded over 3,000 times and is growing organically by 50 to 60 new users per day. This is over seven times his internal goal and the app will soon be available for public download. The company’s new funding will be used for product development, new hires and marketing. SkorLife currently has 10 employees and plans to grow to 40.
CEO Ongki Kurniawan was previously the country head of Stripe Indonesia and also held leadership positions at Grab, telcoXL Axiata and Line. COO Karan Khetan, on the other hand, is a serial entrepreneur, in the past he launched 5x and he BookMyShow Southeast Asia. The two met in his 2018, forming a partnership between Grab and BookMyShow to provide ticket sales services through Grab’s super app.
Kurniawan told TechCrunch that the two spent a lot of time exploring different ideas. The first was the digitization of the “pawnshop”/secured loan industry, but the unit he economics did not work.
“However, we found that many Indonesians resorted to pawning items because they believed that if they approached the bank, they would be refused,” he said, adding that 7 out of 10 loan applicants Added that a person is actually rejected. “This was further validated after speaking with many industry experts. We learned that the borrowing pool of Indonesian consumers is small.”
During their research, Kurniawan and Khetan also noted that many Indonesians do not have access to their credit scores or other data that could help them see how banks judge their creditworthiness. I noticed. This means you are missing the opportunity to access affordable loans.
SkorLife founder says credit is underutilized in Indonesia. In Indonesia, most financial institutions assess their ability to obtain credit lines based on “income value”.
“The thing to remember is that not all high-income people will pay their debts, and not all low-income people will not pay their debts,” said Kurniawan.
According to Kurniawan, most people in Indonesia are unaware that they have access to their credit history and credit score, believing that only financial institutions and banks have access to that information.
Once you know how to access it, you have two options. The first is the free route, requesting data from OJK (Indonesian Financial Services Authority). But the problem with this is they have to go to his OJK office or wait days for an online appointment. The second paid route is for the customer to go to her three licensed credit bureaus in Indonesia to obtain a credit report. However, these reports are costly, and Kurniawan said the reports are long, many pages long and “intended to be used by analysts of financial institutions, so they are designed to be digested by consumers.” It has not been done.”
SkorLife solves these problems by giving you free access to the credit score you have to jump the hurdles to get. Its main product is a credit builder application that allows people to instantly check and monitor their credit score, credit report, and other data from credit bureaus for free. It also helps users dispute inaccurate information on credit reports. For those who don’t have a credit history yet, this app can help you start building your score.
Through this app, customers can access the BI Checking Score, or Indonesia’s nationally recognized credit score, which is used by almost all financial institutions to make credit decisions, as well as the credit bureau’s score to determine the likelihood of a credit check. You can see the credit score it generates in People who will be behind on their loans in the next 12 months.
We also provide credit information such as payment history, credit usage, secured and unsecured credit account balances, age of each credit account, and identity monitoring to ensure the financial institution is working hard. Also review the factors that are included in the score. Check their data, total number of credit accounts they have, both active and inactive, and outstanding balance.
Then use that data to create AI-based personalized insights for each customer and use them to improve your credit score. The app also has educational content and features that allow customers to easily dispute inaccurate data.
Examples of insights include payment history, allowing customers to see billing dates and set reminders, credit expiration dates (or encouraging customers not to close cards that have been open for a long time), utilization rate, etc. SkorLife recommends that customers keep their credit card limit below 30% of his to improve his score.
AC Ventures founder and managing partner Adrian Li said in a statement: Although the sector is relatively untapped, the size of the consumer credit market is already over US$185 billion. That said, this has always been a challenge as lenders were unable to draw holistic conclusions about borrowers based on limited piecemeal information. But as these treasure troves of data are just waiting to be unlocked and put to meaningful use in consumer apps, we’re excited about his SkorLife vision of putting people in charge of the future of finance. and excited about the mission.