The funding round followed an undisclosed Series A funding round that FinAccel has announced in October 2017

Jakarta-based fintech startup FinAccel today announced that it has raised a US$30 million Series B funding round led by Square Peg Capital, with participation from new investors MDI Ventures and Atami Capital.

Existing investors Jungle Ventures, Openspace Ventures, GMO Venture Partners, Alpha JWC Ventures, and 500 Startups also participated in the funding round.

This funding round followed an undisclosed Series A funding round the company has announced in October 2017, co-lead by NSI Ventures and Jungle Ventures.

In a press statement, FinAccel CEO Akshay Garg said that the company plans to use the new fund to “build out new product lines, expand geographically, and hire more talent with the aim of becoming the preferred digital credit card for SEA millennials.”

Also Read: Buy now, pay later: Instant-credit startup FinAccel raises ‘7-digit’ round led by Jungle Ventures

FinAccel is the company behind Kredivo, an alternative check-out and digital credit payment method for e-commerce platforms. The service enables customers from cash-dependent markets to earn and improve their credit score without having to own credit cards.

The startup said that the service is already live on more than 200 online merchants including Tokopedia, Shopee, Bukalapak, and Lazada. It also claimed to have 80 per cent of its transaction in “any month” coming in from repeat customers.

e27 has reached out to FinAccel to find out more details about their post-funding plans.

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Image Credit: FinAccel

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