Digital signature platform PrivyID, branded as Indonesia’s answer to DocuSign, is in the process of raising a $5-million Series A funding round led by existing investors MDI Ventures and Mandiri Capital Indonesia, according to its CEO Marshall Pribadi.
In an exclusive interaction with DEALSTREETASIA, Pribadi said that the company has already managed to close $3 million from its current backers which also include Mahanusa Capital and Gunung Sewu.
The startup says it is looking for new investors to raise the remaining $2 million to complete the round, which it is targeting to close by July this year.
Through its platform, 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 startup works in accordance with the Customer Due Dilligence (CDD) norms 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.
Furthermore, PrivyID ensures that users cannot repudiate their signatures by having each signature backed by a digital certificate facilitated by asymmetric cryptography and public key infrastructure.
Following its pre-Series A funding last year, PrivyID has been focusing on its ‘Enterprise Privy’ service aimed at corporate customers, using its partnership with Mandiri Capital and Bank Mandiri Group to capitalise upon the financial services sector in Indonesia.
Since its inception in 2015, the platform now boasts 1.2 million individual users and around 70 enterprise customers.
The latest financing, Pribadi said, will be used to target individual retail users.
“What we will be looking to do after the funding is to enable our users to use Privy to get loans from our enterprise clients such as auto-finance companies,” he said.
Furthermore, 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. But with PrivyID there will only be one. The data will be more legit. And at least there will be no duplication,” he said.
PrivyID was the winner of Finspire, a startup business plan competition held by Mandiri Capital Indonesia in 2016, while founder Marshall Pribadi features in the latest Forbes 30 Under 30 list under the Finance and Venture Capital category.
Based in the Indonesian city of Yogyakarta, PrivyID says it does not have any live competitors in Indonesia. It is often compared to San Fransisco-based Electronic signature software company DocuSign, an industry pioneer that has recently filed for IPO at Wall Street, seeking to raise $100 million.
Regionally, the main players in the digital signature space are India-based startups SignEasy and e-Mudhra. The latter is reportedly in the process of concluding its certification that will enable the company to spread its wings beyond India into Southeast Asian countries.