Australia-based telecommunications company arm Telstra Ventures, has led a series B funding round in C88 Financial Technologies, the operator of some of the largest consumer financial websites in Indonesia and the Philippines.
Existing investors Monk’s Hill Ventures and Kejora Ventures also took part, in addition to other investors such as Captii Ventures, Altitute Partners, Jasrag Investments, and several unnamed “international investment groups and high net worth individuals” from Indonesia and Malaysia.
Matthew Koertge, Managing Director of Telstra Ventures said, the investment has been driven by the fact that more consumers go online and digital disruption transforms the financial services sector. Therefore, there are some very exciting e-commerce opportunities in markets like Indonesia and the Philippines.
“C88 properties, CekAja.com in Indonesia and eCompareMo.com in the Philippines, are the largest financial sites in their respective markets, connecting banks and insurers with consumers across a number of products, including loans, mortgages and insurance,” Koertge said in a press statement.
“They offer e-commerce ‘apply now’ functionality to consumers that is directly linked to the issuing bank or insurer, which means it is easy to use and creates a new customer onboarding channel for financial institutions,” he added.
C88 also co-operates Premiro.com in Indonesia, a licensed insurance e-brokerage services provider to consumers and small to medium enterprises. 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.
J. P. Ellis, co-founder and group CEO of C88, said he welcomed the investment from Telstra as the company completed its Series-B financing round.
“We are happy to have Telstra leading this funding round given their significant presence as an enterprise service provider and their growing reputation as an active participant in the region’s technology ecosystem,” said Ellis.
This is the fourth ventures investment in Asia by Telstra Ventures over the past 12 months, strengthening Telstra’s presence in a region that is increasingly a source of world class digital innovation.
The investment in C88 also creates opportunities for collaboration based on the enterprise services Telstra provides to financial institutions across the Asia-Pacific region and through Telstra’s joint venture in Indonesia, TelkomTelstra.
The JV has launched a customer experience centre in Jakarta to introduce potential customers to its integrated information, technology and telecommunication offering. The company uses cloud-based technology called Network Applications and Services (NAS) – which allows it to detect problems before they cause trouble for customers.
In August, TelkomTelstra signed an agreement with Telkom’s corporate venture arm PT Metra Digital Investama (MDI) to jointly explore investment opportunities in the growing tech startup space in Southeast Asia.