FinAccel, a Singapore-headquartered financial technology company that enables Indonesian consumers to buy online and pay later under the brand Kredivo, has raised $90 million in a Series C equity funding round.
The round was jointly led by Asia Growth Fund (a joint venture between Mirae Asset and Naver) and Square Peg.
The capital injection brings the total raised by the company in 2019 alone to more than US$200 million, across both debt and equity, with the debt being provided by a consortium of lenders including banks and credit funds.
With a presence at the checkout of most of the top Indonesian e-commerce merchants, FinAccel plans to use the funds to double down on growth in the region, hire talent, and expand its range of financial services offerings into more bank-like territory.
Akshay Garg, CEO of FinAccel, says the firm aims to serve 10 million users in the next few years through Kredivo and other financial services. Near-term plans include the rollout of low-interest education, healthcare and Shariah loans and partnerships with banks for joint product development.
Jikwang Chung, managing director of Mirae Asset Capital, states: “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.”