Skor Technologies Secures USD 6.2 Mn in Pre-Series A Funding Round With the raised funds, the platform aims to tackle Indonesia's underpenetrated consumer credit market.

Skor Technologies, the parent company of Skorlife and the newly launched Skorcard credit card, has raised USD 6.2 million in a pre-Series A funding round led by Argor Capital, a Southeast Asia-focused venture capital firm.

The round also attracted participation from previous backers, including QED Investors and Saison Capital, alongside new investor Digital Currency Group.

This latest funding comes after Skor Technologies' USD 4 million raise in May 2023. The company has rapidly expanded its offerings, launching its digital-first credit card, Skorcard, in March 2024 in collaboration with Bank Mayapada International. The partnership underpins Skorcard's commitment to addressing Indonesia's growing demand for accessible credit lines.

"We believe Indonesia is a supply-constrained market for credit-line products, and now is the right time to address this need. With the potential to build a two-million-card customer base, we are incredibly motivated to achieve this alongside our bank partners," said Ongki Kurniawan, Co-founder and CEO of Skor Technologies.

The funding will fuel Skor Technologies' mission to tackle Indonesia's underpenetrated consumer credit market. The company plans to leverage its synergistic partnership with Bank Mayapada International to expand its Banking-as-a-Service (BaaS) platform, unlocking further growth opportunities.

Argor Capital Partner Sid Pisharody highlighted Indonesia's immense growth potential in the consumer credit sector, expressing confidence in Skor Technologies' trajectory.

Looking ahead, Skor Technologies aims to surpass USD 100 million in transaction volume by 2025. Through its platforms, Skorlife and Skorcard, the company is empowering users to manage their credit, enhance financial health, and access better financial products.