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FinAccel plans to use the raised funds to expand its Kredivo service across the region and reach 10 million users.
FinAccel, an Asian fin-tech company involved in leveraging deep data analytics across users’ digital footprint in order to automate credit risk scoring and access to credit in Southeast Asia, has announced it raised $90 million in a Series C funding round. The round was led by Asia Growth Fund, jointly established by Mirae Asset and Naver Corp, and Australia-based venture capital firm Square Peg. Among other investors were Singtel Innov8, Telkomsel Indonesia, Cathay Innovation and Kejora Intervest.
The total amount of capital raised by FinAccel this year makes up more than $200 million. According to the company, the funds raised will be used to live up its expansion plans. FinAccel is globally famous for its Kredivo service that allows e-commerce buyers to apply and qualify for instant credit and pay back over time. The funds raised will be used to expand Kredivo across the region and reach as much as 10 million users within the next few years.
Akshay Garg, CEO of FinAccel, commented:
“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.”
Besides, FinAccel plans to provide low-interest education, healthcare, and Shariah loans and partner with banks for joint product development.
Akshay Garg added:
“Our goal is to create a generation of financially savvy individuals and lend to them at competitive interest rates. The goal here is not to be a loan shark. This is about financial inclusion for the masses.”
More Details about FinAccel
FinAccel is a Jakarta-based fin-tech startup set up in 2015. The company specializes in financial services, technology, credit risk scoring, big data, e-commerce, digital payment. It is backed by the most prominent investors in the region such as Jungle Ventures, NSI Ventures, GMO, AlphaJWC and 500 Startups and regulated by OJK in Indonesia.
FinAccel’s most famous product is Kredivo. Kredivo gives customers instant credit financing for e-commerce purchases and personal loans based on making real-time decisions. It allows clients to ‘buy now and pay later’, or borrow with the lowest interest rate amongst all digital lenders in the country. For e-commerce merchants, Kredivo enables instant Point of Sale (PoS) financing with a unique and simple 2-click purchase option that makes buying a joyful experience. Kredivo charges interest on credit it extends to customers after 30 days, though its rate is a higher 2.95% per month, or more than 40% annually, for a revolving loan.