FinAccel Raises $90M to Build and Expand a Set of 'Fast, Affordable and Accessible' Financial Services in Southeast Asia

Singapore-headquartered FinAccel, a financial technology company that enables Indonesian consumers to buy online and pay later under the brand Kredivo, has raised $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 $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 percent 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.