FinAccel, a Southeast Asia-based startup that offers a digital credit card service in Indonesia through Kredivo, has closed a US$30 million investment as it begins to consider overseas expansion. The Jakarta based startup has raised Series B equity investment round led by Square Peg Capital, with participation from new investors MDI Ventures and Atami Capital, and from existing investors Jungle Ventures, Openspace Ventures, GMO Venture Partners, Alpha JWC Ventures and 500 Startups.
In just over two years since launch, Kredivo has become the most widely adopted alternative checkout and digital credit payment method across Indonesian e-commerce merchants including Tokopedia, Shopee, Bukalapak and Lazada, and more than 200 overall. Kredivo has credit scored nearly two million Indonesian consumers and helped e-commerce merchants increase sales and customer retention significantly.