Australian bank and financial services provider, Westpac – via its venture capital arm Reinventure – joining a US$90 million funding round for Indonesian consumers to buy online and pay later under the brand Kredivo, the company said on Tuesday (Jan 28). Reinventure’s investment marks its third into Asia’s fintech scene after snapping up stakes in Indian business Zest and Singapore-based co-living company Hmlet last year.
Previously, FinAccel, the parent of Kredivo, has raised $90 million in a Series C equity funding round to expand in Indonesia and the region. The round was jointly led by Asia Growth Fund (a joint venture between Mirae Asset and Naver) and Square Peg. This funding round brings the total capital raised by the company in 2019 alone to more than $200m, across both debt and equity, with the debt being provided by a consortium of lenders including banks and credit funds.