FinAccel’s payment app Kredivo raises $30m
Indonesia-based FinAccel has raised a $30 million Series B equity investment round for its digital payment app Kredivo as it seeks expansion in Southeast Asia (SEA).
The funding round was led by Square Peg Capital, with participation from new investors MDI Ventures and Atami Capital, and from existing investors Jungle Ventures, Openspace Ventures, GMO Venture Partners, Alpha JWC Ventures and 500 Startups.
Akshay Garg, CEO of FinAccel, adds: “We intend to use the new funds to build out new product lines, expand geographically and hire more talent with the aim of becoming the preferred digital credit card for SEA millennials.”
Kredivo – which promotes itself with the slogan “buy now, pay later” – is FinAccel’s flagship product. It enables e-commerce buyers to apply and qualify for instant credit and, as you guessed, pay back over time.
Kredivo was launched in 2016 as an alternative checkout and digital credit payment method for Indonesian e-commerce merchants. FinAccel says Kredivo has got nearly two million consumers in the country.