Australian VC firm Telstra Ventures invests in C88 Financial Technologies to expand fintech domain

Australian venture capital arm Telstra Ventures announced a strategic investment in fintech group C88 Financial Technologies for series B round in order to grow fintech empire.

According to reports by Tech in Asia, although the financial details were not disclosed, Indonesian financial eCommerce firm CekAja and Philippine-based financial consultant eCompareMo, the assets of C88 Financial Technologies have received the funding. The money will be used to “scale” market leadership by boosting mass market branding, said C88's co-founder and CEO JP Ellis.

“Across its platforms, C88 combines a personalized data-driven experience for its consumers with easy-to-use web and mobile experiences, as well as back-office infrastructure, including call centers and sales distribution networks to complete transactions,” Matthew Koertge, Telstra Ventures managing director said as reported by Tech in Asia.

The funding also saw participation from C88’s existing investors including Monk’s Hill Ventures and Kejora Ventures, as well as Captii Ventures, Altitude Partners, Jasrag Investments, and others.

Telstra Ventures’s significant investments in Asia include voice technology startup Enepath (Singapore), location intelligence startup Near (Singapore), cloud-storage provider Qiniu (Shanghai), and Chinese communications API provider Cloopen (Beijing). This investment marks as Telstra’s fourth investment in Asia.