FinAccel, the Indonesia-based owner of digital credit card product Kredivo, has secured $30m in a series B round that included telecommunications firm Telkom Indonesia and internet company GMO.
Venture capital firms Square Peg Capital led the round, which included contributions from Atami Capital, Jungle Ventures, Openspace Ventures, Alpha JWC Ventures and 500 Startups.
Telkom Indonesia and GMO invested through their respective corporate venturing units, MDI Ventures and GMO Venture Partners.
Kredivo is a system that enables online buyers to secure credit that allows them to buy items and pay for them later over flexible instalments. It utilises a real-time credit scoring system that has so far checked the credit of 2 million consumers.
The funding will be used to increase headcount and grow FinAccel’s product range as it looks to expand internationally. Kredivo is used by more than 200 e-commerce platforms in the region including Tokopedia, Shopee and Lazada.
MDI Ventures CEO Nicko Widjaja said: “Kredivo is the first lending-tech company in our portfolio. It is the leader in Indonesia, with the most advanced credit scoring technology that we’ve seen so far in this market.
“We also like that Kredivo offers fair, transparent rates without any hidden fees or gimmicks. With our participation, we hope to push more into under-served market segments while leveraging Kredivo’s key strengths around technology automation and fair pricing.”
FinAccel had raised seed capital from GMO Ventures Partners, Jungle Ventures, AlphaJWC Ventures and 500 Startups in 2016, before adding a similarly undisclosed amount in a 2017 series A round co-led by Jungle Ventures and NSI Ventures.