Home News Startups, Entrepreneurs, Digital economy

Singapore-based start-up that gives loans to online shoppers scores US$500 mil valuation

Bloomberg
Bloomberg12/3/2019 09:16 AM GMT+08  • 2 min read
Singapore-based start-up that gives loans to online shoppers scores US$500 mil valuation
SINGAPORE (Dec 3): FinAccel Pte, which extends credit to online shoppers in Indonesia under the Kredivo brand, has raised US$90 million ($123 million) of expansion capital in a fundraising round valuing the company at almost US$500 million.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

SINGAPORE (Dec 3): FinAccel Pte, which extends credit to online shoppers in Indonesia under the Kredivo brand, has raised US$90 million ($123 million) of expansion capital in a fundraising round valuing the company at almost US$500 million.

South Korea’s Mirae Asset-Naver Asia Growth Fund and Australian venture capital firm Square Peg co-led the Series C financing, according to FinAccel Chief Executive Officer Akshay Garg. Other backers joining the round included Singtel Innov8, Telkomsel Indonesia, Cathay Innovation and Kejora Intervest.

Kredivo allows online shoppers to apply for a loan through a mobile app and get approval in minutes if they qualify. The app uses customers’ personal data and machine learning technologies to determine eligibility. Similar to credit cards, Kredivo starts charging interest on credit it extends to customers after 30 days, though its rate is a higher 2.95% per month, or more than 40% annually, for a revolving loan.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now