Digital Signature Startup Privy Receives Series B Funding of IDR 240 M
Digital signature provider startup Privy received series B funding of US$17.5 million or around IDR 247 billion. The funding was led by venture capital firm GGV Capital. In addition, a number of investors were also involved, such as Endeavor Catalyst and Buana Sejahtera Group.
A number of previous investors such as MDI Ventures, Telkomsel Mitra Innovation, Mandiri Capital, and Gunung Sewu Group were also involved in the funding round.
Privy CEO Marshall Pribadi said the company would leverage the series B funding to expand the scope of its information technology (IT) infrastructure and security.
With this infrastructure expansion, Privy projects their daily transactions to increase from 100,000 per day to 800 thousand per day in just two years.
In addition, Privy has also expanded its digital signature business to foreign markets, including Europe. “New partners can bring Privy to the global stage,” Marshall said in a press release on Tuesday (26/10).
Changing Company Name to Privy
The company, which was founded in 2016, has changed its name from PrivyID to Privy on its fifth anniversary this year. Privy has attracted more than 18.5 million individual users and 1,257 Enterprises.
Privy has also recorded more than 69 million signatures as of October 2021. From 2017 to date, the number of enterprise customers on Privy has grown 17.5 times, individual users have grown 30 times, and the number of signed documents has grown 58 times.
According to Marshall, Privy’s business development was driven by the Covid-19 pandemic. Since the pandemic, many companies have implemented Work From Home (WFH) policies, so that any agreement or collaboration activity requires digital signatures.
In 2021, Privy also received the highest recognition from the Ministry of Communication and Information (Kominfo) as a Parent Electronic Certificate Provider (PSrE). That way, users’ trust in digital signatures is even greater.
Jenny Lee, the managing partner at GGV Capital, said that Privy has strong capital in providing digital identity services. This is also supported by a large market potential.
Based on Statista data, the total market potential of digital identity solutions globally is projected to grow from US$ 23.3 billion in 2020 to US$ 49.5 billion in 2026. “This will provide a solid foundation for the company’s future growth,” said Jenny.
Privy Business Growth
As part of its global expansion strategy, to coincide with its fifth anniversary, Privy also changed its name from PrivyID to Privy. This year, Privy is also expanding its digital signature business to European Union countries by partnering with Zettabyte, a higher education SaaS provider.
To date, the number of signatures that have been signed through the Privy service has also increased rapidly to more than 69 million signatures as of October 2021.
This development was heavily influenced by the work-from-home policies implemented by various companies during the Covid-19 pandemic.
In 2021, Privy also received the highest recognition from the Ministry of Communication and Information of the Republic of Indonesia as a Parent Electronic Certificate Provider (PSrE), thereby increasing the trust of various large companies in Indonesia.
According to data from Statista, the total market potential of digital identity solutions globally is projected to grow from $23.3 billion in 2020 to $49.5 billion in 2026.
The rapid growth of this market is driven by increasing cases of identity fraud, data breaches, and new government regulations.
Privy has helped millions of users to open bank savings accounts, apply for credit cards, open securities accounts and insurance policies.
In addition, buying motor vehicles, signing invoices, applying for loans from fintech, signing lease contracts, and doing many other jobs and transactions without the need to travel and sign documents physically.
Apart from Privy, currently, there are startups with similar services, such as TekenAja, Verihub, and Vida.