Indonesian digital credit card platform Kredivo raised USD 90 million through its parent company, Singapore-headquartered FinAccel, in a Series C equity funding round today. The deal is one of the largest funding rounds for fintech startups in Southeast Asia this year.
The investment is co-led by a joint venture between Mirae Asset-Naver Asia Growth Fund and Square Peg. Other investors participating in the over-subscribed Series C investment round include Singtel Innov8, TMI (Telkomsel Indonesia), Cathay Innovation, Kejora Intervest, Mirae Asset Securities, Reinventure, DST Partners, and others, according to the company’s statement.
The new investment brings the total capital raised by Kredivo in 2019 from both debt and equity to more than USD 200 million, with the debt being provided by a consortium of lenders including banks and credit funds.
FinAccel said that it will utilize the funds to double down on growth in the region, broaden its team, and expand its services in Southeast Asia. Launched in April 2016, Kredivo has become one of the fastest-growing fintech companies in Indonesia. It was one of the pioneers in Indonesia’s e-commerce payments landscape with its “buy now, pay later” premise.
In an interview with KrASIA earlier this year, co-founder and CEO of Kredivo, Akshay Garg, said that the company is eyeing the Philippines as its first destination for regional expansion. The firm has acquired a license in the Philippines and has set a target to launch a product there early next year.
Since its inception, FinAccel has recorded more than three million applications and disbursed nearly 30 million loans. The company aims to serve ten million users in the next few years through Kredivo and other financial services. It also plans to release new products, including low interest education, healthcare, and shariah-compliant loans. Moreover, the firm wants to build more partnerships with banks for joint product development.