Nickel Fintech Startup Officially Acquired

Service developer startup embedded finance for the loan system Nickel (formerly Impact Credit Solution) reported to have been acquired. It is not yet known exactly which company has annexed the business, but according to information reported to regulators Felgo Capital Pte Ltd. become the entity making the acquisition. From the sources we got, all investors too exit along with this corporate action.

In mid-2022, Nickel just announced series A1 pendanaan funding they. $2,5 million raised from Vectr Fintech, Patamar Capital, Mitra M Venture, Looking Glass Ventures, and private funding from founder. In the previous round, 500 Starups, BCA, Mitra Integra, and a number of other investors participated in the funding.

At the end of 2021, Nickel has also entered into a strategic partnership with BCA, offering affordable financing for the Indonesian health sector during the pandemic. Strategic investment with bank BCA allows them to provide needed liquidity in the health sector, to ensure families in Indonesia receive adequate medical care and supplies during this pandemic.

Present platforms embedded finance

Founded by Reinier Musters (CEO) and Mackenzie Tan (COO) in Singapore, Nickel officially entered Indonesia in 2021 by appointing Dewi Wiranti as Country Head. They bring "Nikel Lend", an API service end-to-end which allows banks or fintech providing direct loan services to MSMEs by providing a system credit analytics, origination/underwriting, eKYC, eSignature, and collateral tracking.

Apart from that, Nikel also provides a B2B platform marketplace which connects banks with fintech. Also the Nickel Fund, to allow investors to create specially managed funds to reach certain sectors.

"ICS is a financial technology company that serves MSME loans in Southeast Asia. We build embedded lending solutions that can be used by any technology company, P2P or bank to create loan products," Mackenzie said at the time to DailySocial.id.

According to Research and Markets research, the size of the services market embedded finance in Asia Pacific managed to grow 39,7% in 2022 with a value of $108,5 billion. It is projected to grow at a CAGR of 24,4% until 2029 with a projected value of $357,9 billion. The push for digital innovation services in the financial segment is one of the main drivers in this business.

In Indonesia itself, the trend embedded finance also found the spotlight from innovators. Finfra becoming one of the local startups in this area offering embedded lending services, making it easier for clients to launch OJK-licensed digital loan-based products.