Digital signature platform PrivyID is aiming to raise a US$5 million Series A funding round led by existing investors MDI Ventures and Mandiri Capital Indonesia.
According to PrivyID’s CEO Marshall Pribadi, the e-signature startup has already successfully secured close to US$3 million from its current backers which also includes Mahanusa Capital and Gunung Sewu.
The startup is currently looking for new investors to raise the remaining US$2 million to complete the round, which it is targeting to close by July this year.
This follows its pre-Series A funding last year where PrivyID has been focusing on its Enterprise Privy service targeting corporate customers. Its partnership with Mandiri Capital and Bank Mandiri Group has also helped the firm to capitalize on the financial services sector in Indonesia.
This latest financing, according to Pribadi will be used to target individual retail users, “what we will be looking to do after the funding is to enable our users to Privy to get loans from our enterprise clients such as auto-finance companies.”
Launched in 2015, PrivyID enables users and enterprises to digitally sign and transfer documents online with an integrated audit trail by using electronic identity verification technology that works across platforms.
The platform now boasts 1.2 million individual users and around 70 enterprise customers.
The startup operations work in accordance with the Customer Due Diligence (CDD) norms as mandated by the Financial Service Authority (OJK) in Indonesia, making it legally-valid and binding. It works by having banks and non-bank financial institutions as its registration authority to conduct the CDD.
With this, PrivyID ensures that users cannot replicate their signatures by having each signature backed by a digital certificate facilitated by an asymmetric cryptography and public key infrastructure.
Moving onwards, the startup also wants to work with websites and applications to have PrivyID sign-in buttons as an alternative to the much-used Facebook, Google, and Twitter sign-in buttons.
“For consumers, it will make registration simpler, as they won’t have to input your personal data. For the merchant, sign-ins with Facebook and Twitter allow customers to make multiple accounts and emails,” Pribadi said.
“But with PrivyID, there will only be one. The data will be more legit, and at least there will be no duplication.”
PrivyID is the winner of Finspire 2016, a startup business plan competition held by Mandiri Capital Indonesia. Meanwhile, its founder Marshall Pribadi was featured in the latest Forbes 30 Under 30 list under Finance and Venture Capital category.