Experian leads Over-Subscribed $28m Series C Investment in C88.

Experian, the world leader in information services, has led an over-subscribed $28 million Series C investment in C88 Financial Technologies Group (C88). Singapore-headquartered C88 is one of Southeast Asia’s largest and fastest growing fintech companies. It operates Indonesia’s CekAja.com and Philippines’s eCompareMo.com – both are their respective country’s top financial marketplaces. C88 is also opening a third marketplace in Thailand. Other investors in the Series C round, among others, include responsAbility Investments AG, DEG, InterVest, FengHe Fund Management, Pelago Capital and Fuchsia Venture Capital as well as existing investors Monk’s Hill Ventures, Telstra Ventures, Kickstart Ventures and Kejora Ventures. Asia has been one of the strongest growth regions for Experian globally. The Asia Pacific region has seen double-digit growth over the past five years, with plans to expand the Innovation Hub in Singapore. With nearly a half of all unbanked in the world living in Asia, it boasts among the highest internet penetration rates in the world at 330m internet users in Southeast Asia alone. It also facilitates driving financial inclusion through data and analytics. Ben Elliott, Chief Executive Officer, Asia Pacific, Experian said: “In Southeast Asia, as little as 48 percent of more than 600 million people have access to a bank account. Exclusion from the traditional banking system makes it almost impossible for individuals and businesses to borrow or save money; significant barriers towards social and economic progress. Experian has been working closely with financial institutions and start-ups across Asia, including C88, to progress this. Together we are building an ecosystem in countries where traditional data is not readily available, and in the process making important leaps towards empowering consumers with enhanced financial access. We are delighted with this partnership, as this demonstrates our further commitment to Indonesia and the Asia Pacific region as a whole.”