FinAccel snaps up majority stake in Indonesia’s Bank Bisnis
Fintech firm FinAccel is plotting a move into digital banking and has acquired a majority stake in Indonesia’s Bank Bisnis Internasional as part of its strategy to build out its financial services offering.
The company plans to offer digital banking and larger loans alongside its other financial services including buy now, pay later (BNPL) platform Kredivo and digital credit platform KrediFazz.
FinAccel group CEO and co-founder Akshay Garg says: “While Kredivo has been at the forefront of consumer credit digitisation via our BNPL business over the last several years, the digitisation of Indonesian banking services is only getting started.”
The deal is expected to wrap up within days leaving FinAccel Teknologi Indonesia with a 75% share of Bank Bisnis, with the Suriadi family, the previous majority owners, still retaining a significant minority stake.
All regulatory approvals for the acquisition have been obtained, including from Indonesia’s Financial Services Authority (OJK).
The acquisition is purportedly the first time a fintech company has acquired a majority stake in a local Indonesian bank.