FinAccel, a financial technology company that enables Indonesian consumers to buy online and pay later under the brand Kredivo, has raised US$90 million in a Series C equity funding round to expand in Indonesia and the region. The round was jointly led by Asia Growth Fund (a joint venture between Mirae Asset and Naver) and Square Peg. 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.
FinAccel plans to use the funds to double down on growth in the region, hire talent, and expand its range of financial services dedicated to creating a generation of financially savvy customers in Indonesia and the rest of Southeast Asia. Other investors participating in the over-subscribed Series C fundraise include Singtel Innov8, TMI (Telkomsel Indonesia), Cathay Innovation, Kejora Intervest, Mirae Asset Securities, Reinventure, DST Partners and others.
CEO of FinAccel, Akshay Garg said, “We are very excited to have Mirae Asset and Naver join our growth journey. These highly entrepreneurial companies bring deep domain expertise in financial services and consumer internet, Kredivo sits at the intersection of both areas. Additionally, we are very pleased that our incoming investors share in our vision of building a wide set of financial services that are fast, affordable and accessible for millions of customers in the region.”
Managing Director of Mirae Asset Capital, the strategic investment arm of Mirae Asset, Jikwang Chung said, “FinAccel is an exceptional company, one that combines a strong technology DNA with top-tier risk management and a bold vision of financial inclusion. Today, we are witnessing the rapid advancement of technology-led disruption of financial services and we see FinAccel as one of the leading companies in this area.”
Since inception, just over three years ago, FinAccel has evaluated more than three million applications, disbursed nearly 30 million loans and created one of the largest credit-based payment platforms for Ecommerce in Indonesia. Aligned with the Indonesian government’s goals around increasing access to financial services for the country’s vast and fast growing middle class, FinAccel 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.
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