Singapore's FinAccel raises $90m Series C
Singapore-based financial technology provider FinAccel has raised a $90 million Series C round led by Australia’s Square Peg Capital and Korean investors Mirae Asset Capital and Naver.
Mirae and Naver are participating via the Mirae Asset-Naver Asia Growth Fund, which was set up last year with KRW1 trillion ($861.4 million). Singtel Innov8, Cathay Innovation, Kejora Intervest, and Telkomsel Indonesia, Reinventure, and DST Partners also made contributions. It values the start-up at $500 million, according to Bloomberg.
FinAccel is best known for a digital credit service called Kredivo, which received a $20 million credit line in September from US venture debt investor Partners For Growth (PFC). The credit line, which can be drawn down on-demand, will support an expansion of the company’s loan book and represented PFC’s first Indonesian commitment.
Kredivo serves as a digital credit card, offering access to instant credit financing for online and offline purchases as well as personal loans. Credit checks are conducted in real time. The platform aims to leverage deep data analytics on users’ digital footprint to automate credit risk scoring and access to credit in markets across Southeast Asia.
“Basically, what we’re doing is almost like creating a user profile about the user using a combination of different data signals that come from the existing credit bureaus, the telcos, the e-commerce accounts, the bank accounts and the users themselves,” Akshay Garg, CEO of FinAccel, told TechCrunch. “All of that creates a 360-degree overview of the customer that helps us determine the risk factors and decide whether to issue the credit.”
Square Peg, which recently closed its second fund at approximately $237 million, first invested FinAccel last year by leading a $30 million Series B and aimed building out a regional footprint. In addition to Singapore, the start-up operates out of two bases in Indonesia. Previous investors also include Jungle Ventures, Openspace Ventures, 500 Startups, GMO Venture Partners, MDI Ventures, Alpha JWC Ventures, and Atami Capital.
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