Korean Investors Lead $90m Funding in SG-based Fintech Firm FinAccel

FinAccel, a Singapore-headquartered financial technology (fintech) firm that operates Indonesian platform Kredivo, announced that it has raised $90 million in its Series C funding round.

The fundraising was co-anchored by Asia Growth Fund, which is a joint venture between South Korean investors Mirae Asset and Never, and Square Peg. In a statement, FinAccel said it will use the fresh funding to expand in Indonesia and the region.

The firm operates Kredivo, the leading digital credit platform that allows Indonesian consumers to buy online and pay later. 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.

“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,” said FinAccel CEO Akshay Garg.

The fresh capital infusion brings FinAccel’s total capital raised in 2019 alone to more than $200 million, in both debt and equity. The fresh investment will be used to grow further in the region, hire talent, and expand its range of financial services in Indonesia and the rest of Southeast Asia.

FinAccel said it 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 since its inception. It aims to serve 10 million users in the next few years through Kredivo and other financial services.

Jikwang Chung, managing director of Mirae Asset Capital, the strategic investment arm of Mirae Asset, said FinAccel 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,” he said.