Singapore-headquartered FinAccel has secured $90 million in what is the largest funding round for a fintech startup in Southeast Asia as it looks to further grow its credit lending app Kredivo and build more financial services.
The financing round, dubbed Series C, for the three-and-a-half-year-old startup was jointly led by Asia Growth Fund — a joint venture between Mirae Asset and Naver — and Square Peg.
Singtel Innov8, TMI (Telkomsel Indonesia), Cathay Innovation, Kejora-InterVest, Mirae Asset Securities, Reinventure and DST Partners participated in the “oversubscribed” financing round, the startup said.
FinAccel operates credit lending app Kredivo in Indonesia, where it has amassed more than a million customers and is growing by a whopping 300% each year, Akshay Garg, chief executive of FinAccel, told TechCrunch in an interview.
The app enables customers to secure credit between $100 and $2,200. If a customer pays it back in full in a month, FinAccel does not charge them any fee. Otherwise, the service levies an interest rate of 2.95%, he explained.
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