Global investment firm KKR is the lead investor in the US$48 million Series C funding round of Privy, a digital trust provider based in Jakarta, Indonesia.

Also participating in the fund raising are existing investors MDI Ventures, GGV Capital and Telkomsel Mitra Inovasi (TMI) as well as new investors such as Singtel Innov8.

The investment will help Privy strengthen its leading position as a digital signature and digital identity provider in Indonesia, support the development of new consumer and enterprise products to enable Indonesians and businesses to access a wider range of services securely, and accelerate broader digital transformation.

The Indonesian government has pledged to accelerate the digital transformation of the world’s fourth largest population through four strategic sectors – digital infrastructure, digital governance, digital economy, and digital citizenship – and contribute to the development of the digital community in Southeast Asia.

Indonesia’s digital economy is projected to reach US$146 billion by 2025, and to become Southeast Asia’s largest digital economy valued at more than US$300 billion by 2030.

Privy also intends to expand into overseas markets to further accelerate growth.

Founded in 2016, Privy provides trusted digital identities and legally binding digital signatures. It offers a wide range of services including digital identity, digital signature, digital verification, and document management products and services in a wide range of sectors including financial services, healthcare and education.