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BNPL firm FinAccel buys majority stake in Indonesian bank

BNPL firm FinAccel buys majority stake in Indonesian bank

Southeast Asian BNPL player FinAccel is moving into digital banking through the acquisition of a majority stake in Indonesia's PT Bank Bisnis Internasional.

Kredivo parent FinAccel has paid around $200 million to secure a 75% stake in the lender as it looks to move beyond BNPL to digital banking and larger-ticket loans.

Akshay Garg, CEO, FinAccel, says: "While Kredivo has been at the forefront of consumer credit digitization via our BNPL business over the last several years, the digitization of Indonesian banking services is only getting started.

"In line with our mission to serve customers with products that are fast, affordable and widely accessible, we look forward to serving customers with world-class banking products in the future."

Several tech firms have invested in Indonesian banks in recent years: ride hailing app Gojek has a stake in PT Bank Jago, while its rival Grab has partnered SingTel to take a stake in Bank Fama.

FinAccel recently ditched plans to go public in a $2.5 billion Spac merger, citing "unfavourable market conditions".

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