Singapore’s FinAccel raises $90m to make financing more accessible in Southeast Asia
Singapore-headquartered FinAccel has raised $90 million in a Series C funding round to make access to loans easier for people throughout Southeast Asia.
The round also means FinAccel, author of Indonesian credit lending app Kredivo, has hit a $500 million evaluation according to Bloomberg, and the $90 million raised marks “one of the largest funding rounds for a fintech startup in Southeast Asia” according to TechCrunch.
Jointly led by Mirae Asset and Naver’s Asia Growth Fund, and Stripe-backer Square Peg, the round brings FinAccel’s total capital raised this year to more than $200 million.
Other backers in the $90 million round included Southeast Asian investors Singtel Innov8, Telkomsel Indonesia (TMI), Kejora Intervest, as well as US investor Cathay Innovation, South Korean investor Mirae Asset Securities, Australian investor Reinventure, and the personal investment vehicle of the partners at Russian billionaire Yuri Milner’s DST Global – DST Partners.
“These highly entrepreneurial companies [leading investors] bring deep domain expertise in financial services and consumer internet, Kredivo sits at the intersection of both areas,” says FinAccel CEO Akshay Garg.
FinAccel’s vision is to build “a wide set of financial services that are fast, affordable and accessible for millions of customers in the region”, Garg adds.
The 2015-founded fintech will use the funds “to double down” on growth in the region, hire new talent and expand its range of financial services.
Mirae Asset Capital MD Jikwang Chung says the company “combines a strong technology DNA with top-tier risk management and a bold vision of financial inclusion”.
“Today, we are witnessing the rapid advancement of technology-led disruption of financial services and we see FinAccel as one of the leading companies in this area,” Chung concludes.