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Skor Technologies, the parent company of Indonesia-focused Skorlife and the new Skorcard credit card, has secured $6.2 million funding in its pre-Series A round led by Argor Capital, a Southeast Asia-focused VC.

The round also saw participation from previous investors such as QED Investors and Saison Capital, and new investor the Digital Currency Group.

“We believe Indonesia is a supply constrained market for the credit-line product, and it is the right time to solve this growing consumer need, starting with a digital-first credit card. The opportunity to build a two million card base customer exists, and along with our bank partners we are incredibly motivated to make this a reality,” said Ongki Kurniawan, Co-founder and CEO, Skor.

The company, along with Bank Mayapada International, has forged a synergistic partnership with the bank to launch a BaaS platform to unlock new growth opportunities.

Beginning with the credit card problem, the company aims to utilise the funds to tackle Indonesia’s underpenetrated consumer credit market, it said in a statement.

Sid Pisharody, Partner at Argor Capital, sees a tremendous potential for growth in the Indonesian consumer credit market.

The company had previously raised $4 million in May 2023. In March 2024, it launched a “digital-first credit card”, Skorcard, in partnership with Bank Mayapada International, aligning with Skorcard’s value proposition.

Skor Technologies aims to cross $100 million in transaction volume by 2025. The company, with its platforms Skorcard and Skorlife, aims to help users take control of their credit, financial health, among others.