Singapore-headquartered fintech company FinAccel, which enables Indonesian consumers to buy online and pay later under the brand Kredivo, has closed its US$90 million Series C equity funding.
The round was jointly led by Asia Growth Fund (a joint venture between Mirae Asset Venture and Naver) and Square Peg Capital. Investors including Singtel Innov8, TMI (Telkomsel Indonesia), Cathay Innovation, Kejora Intervest, Mirae Asset Securities, Reinventure, DST Partners also joined.
This funding round brings the total capital raised by the company in 2019 alone to more than US$200 million, across both debt and equity, with the debt being provided by a consortium of lenders including banks and credit funds.
The startup plans to use the funds to double down on growth in the region, hire talent, and expand its range of financial services.
Also Read: Indonesian digital payment startup Kredivo secures financing from Telkomsel’s VC arm, MDI Ventures
Kredivo is a leading digital credit platform in Indonesia that gives customers instant credit financing for e-commerce purchases and personal loans at competitive interest rates. Kredivo’s merchant partners benefit from instant point-of-sale financing and high settlement rates, powered by Kredivo’s proprietary checkout that takes as little as zero clicks to settle a transaction.
Since inception just over three years ago, Kredivo has evaluated more than three million applications, disbursed nearly 30 million loans and created a large credit-based payment platform for e-commerce in Indonesia.
Kredivo aims to serve 10 million users in the next few years through Kredivo and other financial services. Near-term plans include the rollout of low-interest education, healthcare and Shariah loans and partnerships with banks for joint product development.
In July 2018, Kredivo raised a US$30 million Series B funding round led by Square Peg Capital, with participation from MDI Ventures and Atami Capital.
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