Westpac-backed venture fund Reinventure has stepped up its push into Asia’s fintech scene, joining a US$90 million funding round for the owner of Kredivo, Indonesia’s fast-growing "buy now, pay later" (BNPL) platform.
Asia Growth Fund and Square Peg led the round for FinAccel, the parent of Kredivo, which provides Indonesians with instant credit financing with an interest-free 30-day payback option, or three, six and 12-month instalments with a 2.95% monthly interest rate.
The firm has provided more than 30 million loans since launching three years ago, plugging in to a large, young population in a country that has just 0.07 credit cards per capita.
Akshay Garg, CEO, Kredivo, says: “Access to credit is a huge problem for Indonesian millennials, and we are solving for it through convenience, transparency and fairness."
Reinventure's investment marks the Westpac-backed venture capital firm’s third in the region after snapping up stakes in Indian BNPL business Zest and Singapore-based co-living company Hmlet last year.
Rohen Sood, partner, Reinventure, says: “We feel there will be things to come out of these markets that will actually leap-frog developed markets."