Singapore-based financial technology company FinAccel has raised $90m in a Series C funding round to expand in its operations in Indonesia and the region.
The company enables Indonesian consumers to make purchases online and pay later under the brand Kredivo.
Digital credit platform Kredivo gives customers instant credit financing for e-commerce purchases and personal loans at competitive interest rates.
Asia Growth Fund, a joint venture of Mirae Asset and Naver, and Square Peg jointly led the latest funding round.
The company has raised more than $200m, across debt and equity, in 2019. A consortium of lenders, including banks and credit funds, has provided the debt.
FinAccel, which has a presence at the checkout of most Indonesian e-commerce merchants, intends to use the funds to hire more people and expand its financial services for the creation of financially savvy customers in Southeast Asia.
Singtel Innov8, Cathay Innovation, TMI (Telkomsel Indonesia), Kejora Intervest, Reinventure, Mirae Asset Securities, DST Partners and other investors participated in the Series C funding round.
FinAccel CEO 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.”
Redpeak Advisers acted as the financial adviser to the company for the Series C equity transaction.
FinAccel, established just over three years ago, has evaluated more than three million applications, disbursed 30 million loans and created a credit-based payment platform for e-commerce in Indonesia.
The company, which intends to serve 10 million users in the next few years, also plans to roll out low-interest education, healthcare and Shariah loans as well as partnerships with banks for joint product development.