SINGAPORE, Dec. 2, 2019 /PRNewswire/ -- Singapore-headquartered 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.
This funding round, which has already closed, will further
propel the tremendous momentum that the company has enjoyed in the
past years, with a presence at the checkout of most of the top
Indonesian ecommerce merchants and transaction value growing at
more than 300 per cent per annum accompanied by bank-like risk
metrics. 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.
Commenting on the transaction, Akshay
Garg, CEO of FinAccel, 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."
Jikwang Chung, Managing Director of Mirae Asset Capital, the
strategic investment arm of Mirae Asset, 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."
Tushar Roy, Partner at Square
Peg, said, "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."
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.
Redpeak Advisers acted as the exclusive financial adviser to the
company for the Series C equity transaction.
About FinAccel
FinAccel is a financial technology company focused on making
financial services fast, affordable and accessible for the
under-banked population of Southeast
Asia. Kredivo, whose technology platform is exclusively
powered by FinAccel, is the leading digital credit platform in
Indonesia that gives customers
instant credit financing for ecommerce purchases and personal loans
at competitive interest rates. 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. The company is backed by
leading venture capital firms and corporate investors such as Mirae
Asset, Naver, Square Peg, Jungle Ventures, OpenSpace Ventures,
Telkom Indonesia, Singtel and GMO, among others. To know more about
FinAccel and Kredivo, visit www.finaccel.co and
www.kredivo.com.
About Asia Growth Fund
Mirae Asset-Naver Asia Growth Fund ("AGF") is a joint venture
fund between Mirae Asset Financial Group and Naver Corporation.
Mirae Asset is a leading financial group in Korea with wide
coverage throughout the globe while Naver is the largest internet
company in Korea and also the controlling shareholder of LINE. AGF
is an Asia dedicated growth
capital fund and focuses on companies in the growth stage that can
lead technology enabled disruption in the region.
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SOURCE FinAccel