Asia Growth Fund, an investment entity formed by internet group Naver and financial services provider Mirae Asset, co-led a $90m series C round for Singapore-based consumer credit provider FinAccel yesterday.
The round was co-led by venture capital fund Square Peg Capital and also featured telecoms firms Telkomsel Indonesia and Singapore Telecommunications, the latter through Singtel Innov8, as well as Mirae Asset Securities, Cathay Innovation, Kejora Intervest, DST Partners and Reinventure, which is backed by Westpac bank.
Founded in 2015, FinAccel is the owner of Kredivo, a platform that provides online consumers in Indonesia with instant credit for purchases, in addition to supplying personal loans. It said it has issued about 30 million loans since beginning operations.
The company intends to forge partnerships with banks in addition to introducing new products covering areas like education, healthcare and Shariah loans. The series C round valued it at $500m according to Bloomberg and it was advised on the deal by Redpeak Advisers.
FinAccel CEO Akshay Garg said: “We are very excited to have Mirae Asset and Naver join our growth journey. These highly entrepreneurial companies bring deep domain expertise in financial services and consumer internet, Kredivo sits at the intersection of both areas.
“Additionally, we are very pleased that our incoming investors share in our vision of building a wide set of financial services that are fast, affordable and accessible for millions of customers in the region.”
Telkomsel joined telecoms company Telkom Indonesia to provide an undisclosed amount of funding for FinAccel in July this year through respective subsidiaries Telkomsel Mitra Inovasi and MDI Ventures.
Square Peg also led the company’s $30m series B round in July 2018, which included MDI Ventures and GMO Venture Partners, which invests on behalf of internet company GMO, in addition to Atami Capital, Jungle Ventures, Openspace Ventures, Alpha JWC Ventures and 500 Startups.
Jungle Ventures and Openspace Ventures (then NSI Ventures) had invested an undisclosed sum in FinAccel in 2017 as part of a series A round, following seed funding from GMO Venture Partners, Jungle Ventures, 500 Startups and AlphaJWC Ventures the year before.
