Kredivo Receive 283 Billion Rupiah Loan from Partners for Growth

Startups Kredivo announce loan acquisition (debt funding) $20 million (over 283 billion Rupiah) from Partners for Growth V, LP (PFG), a venture lending company (venture debt) with representative offices in the United States and Australia.

This agreement also signifies PFG as a lender (Actioncalendar) the largest international institution the company has ever received. On the other hand, for PFG, it is their biggest deal in the Asia Pacific region and their debut in Indonesia.

broker Kredivo Umang Rustagi explained, this loan is structured in the form of credit, the company can withdraw it up to limit $20 million. The funds will be used to diversify its loan distribution, which so far has been mostly from domestic.

"This loan provides us with fuel to accelerate growth. We will use the credit limit from PFG to fund all product lines that we have launched to date, such as financing E-commerce, personal loans, and offline," said Umang in an official statement.

Claimed in the last 18 months, Kredivo recorded transaction value and loan disbursement, respectively growing 40% and 35% per quarter.

PFG partner Jason Georgatos added that his party saw the uniqueness Kredivo in accordance with the vision of the company that wants to contribute to financial inclusion. He mentions Kredivo is one of the lowest fee lenders on the market, yet has the best risk management metrics.

Indonesia is one of the countries underbanked of credit card services. Of the total population, only 3% of them have credit cards and less than 5% have access to unsecured credit from banks. This gap has finally become an opening for Kredivo work on.

Please note, this deal was announced two months after Kredivo pocket amount of investment with an undisclosed nominal from Telkomsel Innovation Partners (TMI) and MDI Ventures.

Recently, the company announced the latest innovation Zero-Click Checkout to facilitate payment transactions on the platform E-commerce. This step at the same time minimizes drop rate which usually happens when you want to pay.