FinAccel, the fintech company behind Indonesian digital credit card Kredivo, has raised US$90 million in series C funding, the company announced today. The oversubscribed round was jointly led by Square Peg Capital and the Asia Growth Fund, a joint venture between Korea’s Mirae Asset and Line parent Naver.
The company declined to disclose its valuation, but Bloomberg reports it to be almost US$500 million.
According to the company, the series C round brings its total capital raised in 2019 alone to more than US$200 million across debt and equity. It follows an undisclosed round in July from MDI Ventures and Telkomsel’s venture arm, as well as a US$20 million credit line closed in September.
“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,” said FinAccel CEO Akshay Garg in a statement.
Kredivo lets Indonesian shoppers on ecommerce sites like Tokopedia and Bukalapak to buy now and pay later. The product targets users who are digitally savvy yet lack traditional access to credit. Since its inception in 2016, the company claims to have evaluated more than 3 million applications and disbursed nearly 30 million loans.
The company has also ventured into personal loans. With the series C fundraise, it plans to expand regionally as well as into other areas in financial services. These include healthcare, Sharia-compliant, and low-interest education loans, as well as partnerships with banks for joint product development, Garg tells Tech in Asia.
There are plans to expand regionally, with the Philippines – where the company has acquired a lending license – being the entry point, and potentially followed by Vietnam and Thailand.
“Ultimately, the goal is to serve 10 million customers across the region in the next four to five years,” Garg says.