Permata Bank Becomes an Institutional "Lender" Kredivo, Distribute 1 Trillion Rupiah

Kredivo announced a partnership with Permata Bank as a Actioncalendar newest institution. Permata Bank will disburse a loan of IDR 1 trillion for consumers Kredivo. This figure is claimed to be the largest distribution by banks for fintech in Indonesia.

To DailySocial, CEO Kredivo Akhsay Garg confirmed that the commitment made to Kredivo is as Actioncalendar institutional, not as investors.

As a company with digital credit card products, they receive two pockets of funding. First, funding to be redistributed (institutional lenders). Second, funding for company development.

"We have 10 institutional lenders, three of which are banks from Indonesia. The rest are fund from abroad, one of which is Partners for Growth," he said, Wednesday (27/11).

Simultaneously, Akhsay also declined to comment further on rumors of funding received from Mirae Asset Management for Series C putaran round. According to him it's just a rumor, the percentage of which is very small if true.

Gaining the trust of Bank Permata with a large nominal commitment is certainly not an easy thing. Commissioner Kredivo Umang Rustagi explained that his party always improves credibility and the system back end according to bank standards.

"All our standards must be align by bank standards. We can trust Permata Bank to meet their standards," he said.

Retail Director of Bank Permata Djumariah Tenteram said, in carrying out his duties as a intermediate, they see Kredivo have a good digital platform and a strong crisis management framework.

According to him, this kind of cooperation is a new business model for banks, not just encouraging good performance and growing profits. Banks must continue to prioritize the precautionary principle, especially when choosing fintech partners.

"We do assessment deep enough, to see how they process, analyze, and verify. From there we came to the conclusion, we can work together with Kredivo."

Next product development

To DailySocial, Co-Founder & CTO Kredivo Alie Tan said the company will work closely with the biggest e-wallet players to present paylater products. Later, these e-wallet users can use their credit limit at Kredivo for payment transactions anywhere.

In addition, the company will make it easier to acquire new users Kredivo without having to download an application for registration. You do this by registering directly from the merchant application, for example from e-commerce sites that have collaborated.

"Later on the e-commerce application, you can directly register Kredivo, later process approvalit's in us real-time," said Ali.

Alie is still reluctant to reveal more about the two products. He ensures that this product has been live and can be used, for the official announcement will be made this December.

In the final quarter, he admitted that the company is still focusing on strengthening the system further seamless pattern for consumers. Whether it's during registration, transactions, and repayments.

"Our goal is not to something cool, but make user easy to use our application. Now register at Kredivo it only took 1 minute from the first two minutes," concluded Alie.

No mention of the latest achievements for Kredivo so far. In the last 18 months, the transaction value and loan disbursement Kredivo, grew 40% and 35% per quarter, respectively. The company claims to have served millions of users throughout Indonesia.

Kredivo can be used for shopping at more than 500 online and offline merchants. This offline merchant feature is only available for users who are domiciled in Jabodetabek.