Singapore’s FinAccel closed $90 million in Series C funding round — to expand its credit lending platform in Southeast Asia

Its credit lending app Kredivo is growing 300% each year.


Syamil Faisal 3 Dec, 2019

Singapore’s FinAccel closed $90 million in Series C funding round — to expand its credit lending platform in Southeast Asia

The Singapore-based fintech, FinAccel looks to grow its credit lending app Kredivo with the $90 million funding raised from its Series C round.

Asia Growth Fund, a joint venture between Mirae Asset and Naver led the largest fintech funding round in Southeast Asia.

FinAccel operates its credit lending app Kredivo in Indonesia seeing over a million customers with 300% growth every year — enabling customers to secure credit between $100 and $2,200.

Users can access credit for quick purchases and pay later through Kredivo’s integrated payment option with major e-commerce platforms such as Lazada and Shopee, and Indonesia’s food delivery startups.

“Basically what we’re doing is almost like creating a user profile about the user using a combination of different data signals that come from the existing credit bureaus, the telcos, the e-commerce accounts, the bank accounts and the users themselves.
All of that creates a 360-degree overview of the customer that helps us determine the risk factors and decide whether to issue the credit,” Akshay Garg, chief executive of FinAccel said.

Syamil FaisalAuthor

Founder at Conscious Creatives. Storyteller.

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