Kredivo Get another 1,4 Trillion Rupiah Credit Loan from Victory Park Capital

Startups finance Kredivo again announced additional credit from the investment company from the United States, Victory Park Capital Advisors, LLC (VPC) of $100 million (more than 1,4 trillion Rupiah). This is the second time VPC has done top up with the same nominal for Kredivo, the first time cooperation happened in july 2020.

In a virtual press conference with a number of media held by the company today (22/6), CEO Kredivo Indonesia Umang Rustagi said that the funds would be fully channeled to consumers Kredivo in Indonesia who need credit to meet their needs. The company plans to expand financing products beyond just fast loans (cash loans) and transactions on the platform E-commerce only.

With status as finance, Kredivo is preparing financing products for health, education, and motor vehicles. "The funds available through this collaboration will be able to accelerate our business scale in 2021 and in the following years, as well as help achieve our target to serve 10 million customers in Indonesia by 2025," said Rustagi.

Currently Kredivo claims to have more than three million users in Indonesia. This figure is equivalent to 40% of credit card users totaling 8 million people, after being deducted by an estimate that one person has more than one credit card.

“Consumer growth Kredivo and needs disbursement in Indonesia very fast. In our research submitted by new users using paylater it was one year ago,” added VP Marketing & Communications Kredivo Indina Andamari.

Rustagi continued, the VPC's decision to do top up credit at Kredivo none other than because the group's potential is still large unbankable in Indonesia. Also, the company's ability to maintain risk management and succeed in becoming a successful business sustain in the midst of a pandemic over the past year.

Separately in an official statement, VPC Partner Gordon Watson said, “We are very impressed with the resilience and growth of the business Kredivo and of course very happy to continue to strengthen our cooperation with Kredivo. The company represents a unique combination of growth, scale, risk management and financial inclusion in one of the world's most attractive emerging markets.”

Apart from VPC, before Kredivo has partnered with a number of local banks as institutional lenders, including Permata Bank with a value of IDR 1 trillion and Partners for Growth with a value of IDR 283 billion. Both entered last year.