Through Razor-Sharp Focus, C88 Built Investor Confidence In An Innovative Business Model
21 Feb 2019 3:59 AM GMT
by Yee Hoong Chow
- According to Ellis, lenders in Indonesia and the Philippines accept between 10% and 20% of formal credit applicants; in effect, financial institutions deem 80% to 90% of applicants to be “bad people” undeserving of various financial and insurance products.
- C88 has captured more than 50 million consumers across its platforms in just five years, and along the way, the company has become the leading financial marketplace in Indonesia and the Philippines.
- In the series C round, C88 established itself as a startup equipped and innovative enough to develop a credit score, and with Experian’s endorsement, the company distinguished itself from other fintech startups, Ellis concluded.
- C88 closed its oversubscribed round at the end of July with more than $28 million; Experian led the way, along with several other investors with experience in financial services, including responsAbility Investments from Switzerland, DEG from Germany, and InterVest from Korea.
- It is critical to understand and deeply comprehend the true nature of the challenges a company is facing,” Ellis explained.
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