Square Peg leads $30m Series B for Indonesia's FinAccel

Existing backers Jungle Ventures, Openspace Ventures, GMO Venture Partners, Alpha JWC Ventures, and 500 Startups participated in the round, along with new investors MDI Ventures and Atami Capital. The company will use the new capital to add new product lines and build its team across Southeast Asia.

FinAccel manages Kredivo, a payment platform and credit financing provider focused on Indonesia’s e-commerce industry. Kredivo is used by more than 200 online merchants in Indonesia, including Tokopedia, Shopee, Bukalapak and Lazada, and has created credit scores for nearly two million Indonesian consumers.

“Kredivo is an institutional-grade business in all aspects: it has automated some of the most complex elements of lending, it is trusted by the best merchants in Indonesia, its risk metrics are bank-grade, and it is already attracting institutional debt,” said Tushar Roy, a partner at Square Peg, in a statement. “More importantly, it is helmed by high integrity, experienced founders, who are motivated to solve massive pain points for Indonesian merchants and consumers, and in doing so drive the growth of the overall economy.”

Square Peg is based in Australia and invests in start-ups in the US, Southeast Asia and Israel along with its home country. It closed its debut fund last year at A$234 million ($180 million). The firm's portfolio includes Australian cross-border payments company Airwallex, Singapore-based restaurant app operator Chope, and cybersecurity start-up UpGuard.

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• Topics
• Southeast Asia
• Technology
• Financials
• Early-stage
• Indonesia
• TMT
• Financial Services
• Square Peg Capital
• Jungle Ventures
• Openspace Ventures
• GMO Ventures
• 500 Startups