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Fintech startup FinAccel bags US$90 million in Series C Equity

Kredivo’s parent company FinAccel secured a US$90 million fund in Series C equity round led by Asia Growth Fund and Square Peg Capital.

FinAccel is a financial technology company that leverages deep data analytics across users’ digital footprint to automate credit risk scoring and access to credit in Southeast Asia, the 7th largest economy in the world.

FinAccel is the company behind Kredivo “Buy now,Pay later” – an online credit card with a payment method and installments that enables e-commerce buyers to apply and qualify for instant credit and pay back over time.

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The fintech startup was reported to bag a US$90 million in its recently held Series C equity funding bringing the company a total of US$200 million equity fund in the year 2019.

The equity round was led by Square Peg Capital and Asia Growth Fund, a joint venture between Korea’s Mirae Asset and Naver. Cathay Innovation, DST Partners, Kejora Intervest, Mirae Asset Securities, Reinventure, Singtel Innov8, and TMI (Telkomsel Indonesia) also participated in the round.

“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”, FinAccel CEO Akshay Garg said.”

“Additionally, we are very pleased that our incoming investors hare in our vision of building a wide set of financial services that are fast, affordable and accessible for millions of customers in the region,” Garg says.

According to FinAccel, the new funds will be used to double down on growth in the region, hire talent and expand its range of financial services.

FinAccel is backed by some of the biggest investors in the region including Jungle Ventures, NSI Ventures, GMO, AlphaJWC and 500 Startups and regulated by OJK in Indonesia.

The fintech startup is currently financing more than 1 million customers in Indonesia and is hoping to increase it to over 10 million customers in the region by the year 2024. “Ultimately, the goal is to serve 10 million customers across the region in the next four to five years,” Garg said.

Jikwang Chung, Managing Director of Mirae Asset Capital 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 service and we see FinAccel as one of the leading companies in this area.”

Since its founding in 2015, FinAccel rapidly became the leading digital credit platform in Indonesia. It’s Kredivo merchant partners benefit from providing Point of Sale financing using a 2-click checkout to all eligible buyers.

Tushar Roy, Partner at Square Peg commented, “We have been really impressed with the team’s progress since we invested last year, and it was an easy decision to support strongly again. It is rare to find such a strongly values-led and culture-focused company in the region that is also experiencing tremendous growth while improving the financial services ecosystem.”