Fresh off their recent SPAC announcement, the BNPL leader continues to receive strong investor support while adding three industry leaders as new members to its Board of Commissioners in Indonesia.
Jakarta and Chicago – September 30th, 2021 – Following the announcement of its business combination last month, three of FinAccel’s existing investors – MDI Ventures, Cathay Innovation, and Endeavor Catalyst are also investing directly into the PIPE (Private investment in public equity), taking total PIPE commitments to in excess of $125 million. As a digital lending pioneer and parent company of buy now, pay later service Kredivo, FinAccel’s recent PIPE investments reinforce the strong backing that the company has received from its existing investors throughout the SPAC process.
Due in part to its AI-powered credit risk engine and ongoing partnerships with eight out of the top ten Indonesian e-commerce merchants, Kredivo has been integral in the business of providing fast and affordable credit to millions of Indonesians. Consistent success has impressed some of the country’s most notable investors including MDI Ventures, the corporate venture capital arm of Telkom Indonesia, the parent of Indonesia’s largest telecoms group – Telkomsel.
“Since MDI’s first investment in the company’s Series B round, we continue to be impressed by the management’s vision of building the country’s largest AI driven digital consumer credit platform, using alternate data,” said Donald Wihardja, CEO of MDI Ventures. “We look forward to further deepening our strategic and commercial partnership with Kredivo over time.”
In addition to the recent PIPE funding, the company is also announcing three new members to the Board of Commissioners. Pending regulatory approval, Arsjad Rasjid, Darmin Nasution and Karen Brooks will be joining the Board of Commissioners of Kredivo Indonesia, helping advise the company on strategic growth objectives and market expansion.
- Arsjad Rasjid is a prominent Indonesian business leader. He is the President Director (CEO) of Indika Energy and the current Chair of the Indonesian Chamber of Commerce and Industry (KADIN Indonesia).
- Darmin Nasution is one of Indonesia’s most respected economists, and served as Coordinating Minister for Economic Affairs from 2015-2019 and Governor of Bank Indonesia from 2010-2013.
- Karen Brooks, a former U.S. diplomat who served on the National Security Council Staff at the White House, is widely considered among the top Asia experts in the U.S. She has over a decade of investment experience with leading private equity and hedge funds.
In a joint statement, Arsjad, Darmin and Karen said, ”We’re proud to join Kredivo in its mission to accelerate financial inclusion in Indonesia, which, despite progress, remains one of the world’s largest unbanked markets. Kredivo’s innovative, AI-powered credit scoring system has allowed it to serve nearly 4 million customers to date, and we believe Kredivo is well poised to impact tens of millions of customers over the next few years. As a Board, we are committed to help Kredivo achieve this goal.”
Kredivo is the leading digital credit platform in Indonesia that gives customers instant credit financing for ecommerce and offline purchases, and personal loans, based on real-time decisioning. Kredivo users can buy now and pay later with one of the lowest interest rates amongst digital credit providers in the country. Kredivo’s merchant partners benefit from instant point-of-sale financing, powered by its unique 2-click checkout. Kredivo is operated by FinAccel, a Singapore headquartered financial technology company, with a mission to make financial services fast, affordable and accessible. FinAccel is backed by leading investors such as Mirae Asset, Naver, Square Peg Capital, Telkom Indonesia and Jungle Ventures, among others. Kredivo is supervised by OJK’s multi-finance division in Indonesia. To know more about FinAccel and Kredivo, visit www.finaccel.co and www.kredivo.com.
Clarity PR, for Kredivo