CTOS acquires 2 credit scoring firms in ASEAN expansion
KUALA LUMPUR, MALAYSIA — CTOS Digital has acquired two credit scoring companies in the Philippines and Indonesia for a total of RM29.42 million (US$6.47 million). The firm secured a 100% stake in the Philippines-based Finscore for RM27.22 million (US$5.98 million) and an 80% share in PT Prime Analytics Indonesia for RM2.2 million (US$484,000).
This strategic move allows CTOS to enhance its data platform in both countries, targeting the expanding credit-related services sector. Erick Hamburger, CTOS Group CEO, emphasized that these acquisitions align with CTOS’s vision of promoting financial inclusion across the ASEAN region.
The purchase agreements involve stakeholders of Fintech Platform Ventures Pte Ltd, which oversees Finscore, and CIBI Holdings Pte Ltd for Alt Decisions, the parent company of Prime Analytics. This acquisition is a related party transaction, given Jane Vine Sdn Bhd’s significant stake in CTOS and its ties to Creador V LP, a fund managed by Creador Management.
CTOS will fund these acquisitions through bank financing. Financial data reveals Fintech’s 2022 revenue at US$4.1 million, a significant increase from the previous year’s US$2.32 million. Meanwhile, Alt Decisions reported net assets of US$462,013.
Based in Kuala Lumpur, CTOS Digital engages in credit reporting, digital software-related services, software development, outsourcing, and training services. As of mid-2023, the company registered a net profit of RM37.7 million (US$8.3 million), with a revenue increase of 36.6%, amounting to RM121.84 million (US$26.8 million). Following the announcement, CTOS shares slightly declined, valuing the company at RM3.16 billion (US$695.2 million).
