Singapore-based start-up C88 Financial Technologies has raised US$28 million in its series C funding round, led by global information services firm Experian.
Other investors include DEG, FengHe Fund Management, Fuchsia Venture Capital, InterVest, Pelago Capital, and responsAbility Investments AG. Existing investors Monk’s Hill Ventures, Telstra Ventures, Kickstart Ventures, and Kejora Ventures also participated.
This round is said to be one of the largest series C rounds ever in Southeast Asia, according to a report by the Business Times.
The latest round brings the fintech firm’s total funding to over US$45 million, following its series A round in March 2015 and series B round in September 2016.
C88 was founded in 2013 and operates financial marketplaces CekAja.com in Indonesia and eCompareMo.com in the Philippines. These websites are among the market leaders in their respective countries, aiming to provide “integrated financial education, shopping and application experience for all financial asset, liability, insurance and investment product categories.”
As part of its strategic investment, Experian’s software and solutions will be integrated into the two financial marketplace websites. A third marketplace is planned for the Thailand market
“This will be particularly applicable to those consumers with little financial history,” Experian said in a statement. “For financial institutions, this means they will be able to deploy best-in-class demand generation, analytics and digital on-boarding technologies directly via C88.”