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Indonesia’s Telkomsel invests in PrivyID in series A2 round

PrivyIDTelkomsel Mitra Inovasi (TMI), the investment arm of Indonesia’s wireless network provider Telkomsel, has invested an undisclosed amount in digital signature provider PrivyID in an extension of its series A round, according to media reports.

The investment has been carried out through MDI Ventures, the corporate venture capital initiative of Telkom Indonesia, Telkomsel’s parent company, the report added.

Jakarta-based PrivyID develops electronic identity verification technology for businesses in the telecom, multi finance, and retail industries. It’s an electronic signature that can be applied to a variety of digital documents to make them legally binding. The company works with banks and financial institutions to do background checks on applicants.

Focused on security, the service would identify users through a credit rating algorithm and combine it with digital signatures and verified identity cards to help financial institutions process users more quickly.

Telkom Group has played a key role in the company’s growth since the beginning of the startup’s development, as it has provided the startup with the knowledge and network needed to gain a foothold in the industry, PrivyID CEO Marshall Pribadi said, according to the report.

PrivyID is backed by Telkom Indonesia, Bank Mandiri, Gunung Sewu Group, and Mahanusa Capital and led by Marshall Pribadi as the CEO.

In 2017, PrivyID raised an undisclosed amount of investment in a pre-series A funding round led by MDI Ventures and Mandiri Capital, the corporate venture arm of Bank Mandiri.

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