Owned Digital Bank Kredivo “Chrome Bank” Starts Showing Up Before Official Release

Krom Bank, the parent-owned digital bank Kredivo, began to show itself to the public through its official website. Although the products are not yet accessible, the public can know that the banking services that will be presented later are Main Savings, Savings, Time Deposits, Transfers, and Top ups & Bills.

The website explains, "Krom is specially made so that you can easily allocate funds and plan according to your financial goals. Starting from the allocation of daily needs, short-term plans, to future plans."

The services provided by Krom Bank are basically not much different from what most other digital banks offer. It is worth waiting for the added value that is offered let alone connected to the solution Kredivo.

Chrome Bank is rebrand from Bank Bisnis Internasional, officially announced on 20 September 2022 after the EGMS which was held five days earlier. In the meeting also decided four areas of business. Namely, as a conventional commercial bank, providing payment services, transferring funds, and issuing debt acknowledgments, and other activities.

In addition, he also approved changes to the composition of the company's management. The meeting dismissed Sugijarto Lukman as Independent Commissioner, replaced by Zainal Abidin. Also appointed Paschal Lingga as President Commissioner. Masa is a veteran banker who has worked in a number of companies fintech, including Money Friends, LinkAja and OneAset.

The President Director is still held by Laniwati Tjandra, Alvin James Kurniawan and Wisaksana Djawi, both as Directors.

PT FinAccel Teknologi Indonesia officially becomes the controlling shareholder of Bank Bisnis Internasional with 75% ownership in March 2022. The purchase will be carried out in stages from 2021 to April 2022. By 2021, the company has a 40% stake.

Then, on March 31, 2022 and April 8, 2022, it again increased its ownership by 35% by buying the share price at Rp1.646 per share. That way, FinAccel disbursed funds of Rp. 1,9 trillion to take over 35% of the shares.

Krom Bank is currently holding a limited public offering III (PUT III) in the context of a rights issue. The Company issues 14,06% shares of the total issued or paid-up capital with a nominal share of Rp100 per share. Earned funds rights issue will be fully used for additional working capital. This step was taken in order to fulfill the minimum core capital of IDR 3 trillion, which will expire at the end of December 2022.

Kredivo raise funding

On the one hand, recently FinAccel is rumored to be fundraising series D. According to sources, currently a total of around $140 million or equivalent to IDR 2,5 trillion has been collected from a number of investors including Mirae Asset, Square Peg, Jungle Ventures, Openspace Ventures, and several other names.

With this funding, it is estimated that FinAccel's valuation has touched $1,6 billion. The last equity funding FinAccel announced was series C in late 2019, raising $90 million in funding from MDI Ventures, Square Peg, Telkomsel Innovation Partners, and other investors.

After that, they received more debt funding and loan channeling to improve their lending service capabilities. One of the biggest is the IDR 1,4 trillion loan from Victory Park Capital. They also received a joint financing commitment from DBS Indonesia worth IDR 2 trillion in 2021.

In Indonesia, FinAccel operates two main business units, namely paylater via email Kredivo and fintech cash loans via Kredifazz.