C88 in the middle of a promising indonesian fintech sector
C88 Financial Technologies (C88), a Mountain Partners portfolio company, is operating in the middle of the booming Indonesian fintech sector. John Patrick Ellis, CEO of C88 Group, stated that Indonesia is experiencing major growth in the fintech field. A newly published forecast of TheJakartaPost confirms this statement and reveals current data.
C88 is a financial services technology company that operates Southeast Asia’s largest financial e-commerce websites CekAja.com in Indonesia and eCompareMo.com in the Philippines, connecting banks and insurers to millions of consumers every day. The group also co-operates Premiro.com, a licensed insurance e-brokerage service provider in Indonesia.
C88 focuses on helping customers save time and money and offer consumers a unique “financial e-commerce” experience. In addition, they help their partners obtain cost-competitive mass acquisition strategies and help key regulatory partners continue to shape an equitable financial services technology sector rooted in transparency and inclusion.
The Indonesian Internet Service Providers Association (APJII) published current data on Internet and smartphone users in Indonesia that indicate that fintech, as a further development of the financial services industry and majorly depending on the internet and digital innovations, is booming: The number of Indonesian internet users in 2016 reached 132.7 million from a total population of 256.2 million. The number of smartphone users in the country in the same period reached 63.1 million.
John Patrick Ellis, CEO of C88 Group, is confident in the Indonesian fintech scene due to the reality of the country’s low fintech market penetration, reflected in the fact that fintech has yet to reach all regions in Indonesia. He refers to this condition as a ‘double growth factor’, where financial services grow alongside technology. “Both industries are complementary, and this is why the Indonesian fintech sector will have three to five unicorn companies by the year 2020”, states Ellis.
In October 2016, C88 has raised an undisclosed amount in a Series B funding round led by Telstra Ventures and with participation from several other investors. With the funds raised, the group aims to push into mass market branding and scale up market leadership.
Read the full forecast here: TheJakartaPost