Kredivo Series C Funding Pocket, Valuation Reaches 7 Trillion Rupiah

Kredivo announce the gain Series C segar fresh funds $90 million (over 1,2 trillion Rupiah) led by Mirae Asset-Naver Asia Growth Fund and Square Peg. This funding brings the company's valuation closer to $500 million (approximately 7 trillion Rupiah). It is expected that the company can reach 10 million users in the next few years.

Mirae Asset-Naver Asia Growth Fund is a joint venture formed by Mirae Asset Financial Group and Naver Corporation. Both are based in South Korea. Some of his portfolios that are present in Indonesia are Bukalapak, Grab, HappyFresh, RedDoorz, and The Asian Parent.

As stated in the official statement, this round has been closed and over-subscribed. Other investors participating in Series C are Singtel Innov8, TMI, Cathay Innovation, Kejora, Intervest, Mirae Asset Securities, Reinventure, DST Partners, and others.

The company's total fresh fund acquisition throughout 2019, both in the form of debt and equity, reaching more than $200 million (approximately 2,8 trillion Rupiah). Funds in the form of debt This is a consortium Actioncalendar consisting of banks and credit funds. One of them, Permata Bank which distributes 1 trillion Rupiah to be redistributed by Kredivo.

"We are delighted that the incoming investors share our vision of building a suite of financial services that are fast, affordable and accessible to millions of customers in the region," said the CEO. Kredivo Akshay Garg, Tuesday (3/12).

Partner Square Peg Tushar Roy said, his party was impressed with the development Kredivo since it was invested last year. "It's rare to find a value-led and culturally focused company in this region, able to grow tremendously while improving the financial services ecosystem."

Since its founding three years ago, the company is claimed to have processed more than 3 million loan applications and disbursed nearly 30 million loans. This achievement is claimed to be one of the largest lending platforms for e-commerce in Indonesia.

In the past year, the growth in the number of merchants and transaction value increased by more than 300% year on year. This performance was also helped by the improvement of risk management metrics on par with banks.

Akshay said the fresh funds would be used to double growth by expanding its presence in new regions not only in Indonesia, but also in Southeast Asia, and recruiting new talents.

In the near future, several new products will be launched, including education and health loan products with low interest rates, sharia-based loans and partnerships with financial institutions. Kredivo also present as one of the partners PayLater LinkAja which will be inaugurated this month.