FinAccel raises $90 million for Southeast Asia expansion plans

FinAccelSingapore-headquartered fintech FinAccel has raised $90 million in a Series C equity funding round led by Asia Growth Fund (a joint venture between Mirae Asset and Naver) and Square Peg. The company plans to use the funds to grow in Indonesia and in the Southeast Asia region.

Under the brand Kredivo, FinAccel provides credit to consumers in Indonesia to make purchases online. So far this year, the company has raised over $200 million in total capital across debt and equity.

Akshay Garg, CEO of FinAccel 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.”

FinAccel will utilize the funds in ways to double the growth of the company in the Southeast Asian region and follow inclusive methods for enabling customers to access credit, it said. Singtel Innov8, Telkomsel Indonesia (TMI), Cathay Innovation, Kejora Intervest, Mirae Asset Securities, Reinventure, DST Partners and other investors participated in the oversubscribed Series C equity funding round.

Jikwang Chung, Managing Director of Mirae Asset Capital, the strategic investment arm of Mirae Asset, stated, “FinAccel is an exceptional company, one that combines a strong technology DNA with top-tier risk management and a bold vision of financial inclusion. 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.”

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