Financial technology company C88 Group has acquired an Indonesia-based startup Otobro for an undisclosed amount.
Otobro is an Indonesia-based site that helps people decide which car or motorcycle to buy and what types of financing are available.
Otobro inspects all cars listed on its website (no accidents, no major damage, less than 100,000 km) to protect users from scams, which are common in listings.
The acquisition is the second for C88, who bought a software company, ThinkTank Software, in Manila two years ago. The move intends to “fast-track the growth of C88’s automotive finance and insurance category”, says C88 CEO JP Ellis as quoted by Tech in Asia.
In Indonesia, C88 now operates branches in seven major cities. Its brands in Indonesia are CekAja, for credit cards, loans, and investment opportunities; Premiro, which specialises in insurance, and now Otobro, which focuses financing and insurance options for cars and motorbikes.
Across its platforms, C88 combines a personalised data driven experience for consumers with easy-to-use web and mobile experiences, as well as back-office infrastructure.
In September 2016, C88 received a series B funding from Australian telco arm Telstra Ventures. Existing investors Monk’s Hill Ventures and Kejora Ventures also took part in addition to others such as Captii Ventures, Altitute Partners, Jasrag Investments, and several unnamed “international investment groups and high net worth individuals” from Indonesia and Malaysia.
It recently picked up more cash from Kickstart Ventures and Socrates Capital to fund growth in the Philippines.