Skor Technologies bags $6.2M funding in pre-Series A round
The parent company of Indonesia-focused Skorlife aims to use the funding to tackle Indonesia's underpenetrated consumer credit market.
Skor Technologies, the parent company of Indonesia-focused Skorlife and the new Skorcard credit card, has secured $6.2 million funding in its pre-Series A round led by Argor Capital, a Southeast Asia-focused VC.
The round also saw participation from previous investors such as QED Investors and Saison Capital, and new investor the Digital Currency Group.
“We believe Indonesia is a supply constrained market for the credit-line product, and it is the right time to solve this growing consumer need, starting with a digital-first credit card. The opportunity to build a two million card base customer exists, and along with our bank partners we are incredibly motivated to make this a reality,” said Ongki Kurniawan, Co-founder and CEO, Skor.
The company, along with Bank Mayapada International, has forged a synergistic partnership with the bank to launch a BaaS platform to unlock new growth opportunities.
Beginning with the credit card problem, the company aims to utilise the funds to tackle Indonesia's underpenetrated consumer credit market, it said in a statement.
Sid Pisharody, Partner at Argor Capital, sees a tremendous potential for growth in the Indonesian consumer credit market.
The company had previously raised $4 million in May 2023. In March 2024, it launched a “digital-first credit card”, Skorcard, in partnership with Bank Mayapada International, aligning with Skorcard's value proposition.
Skor Technologies aims to cross $100 million in transaction volume by 2025. The company, with its platforms Skorcard and Skorlife, aims to help users take control of their credit, financial health, among others.
Edited by Megha Reddy