Singapore’s C88 gets $28m Series C round

Additional participants included ResponsAbility Investments, DEG, InterVest, FengHe Fund Management, Pelago Capital and Fuchsia Venture Capital, Kickstart Ventures and Kejora Ventures. The investment brings the company’s total capital raised to date to about $45 million. It has also agreed to a commercial partnership with Experian.

“We are immensely proud to have closed one of the largest Series C fintech rounds in Southeast Asia, particularly from investors who share our vision of empowering consumers and driving financial inclusion in the region,” John Patrick Ellis, co-founder and CEO of C88, said in a statement. “We’re confident that we can drive a positive impact in our societies and communities by unlocking previously inaccessible financial products and services.”

C88 positions itself as one of Southeast Asia’s largest fintech companies with more than 50 million customers in Indonesia and the Philippines. Its flagship online financial services brands include CekAja and eCompareMo. These marketplaces offer retail and small business consumers an integrated financial education as well as access to a range of financial asset, liability, insurance and investment products.

Experian, which made a similar investment last year when it backed a $30 million round for India’s BankBazaar, said it wants to improve financial inclusion in Southeast Asia. The company cited estimates that as little as 48% of the region’s total population has access to a bank account, which creates significant barriers to social and economic progress.

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• Topics
• Southeast Asia
• Financials
• Technology
• Expansion
• Singapore
• Indonesia
• Philippines
• Monk's Hill Ventures
• Telstra Ventures
• InterVest
• German Investment and Development (DEG)
• Kejora Ventures
• Financial Services