Parent Kredivo Reportedly Raised Series D Funding More Than 2,5 Trillion Rupiah

Service developer parent paylater Kredivo, FinAccel, is reported to be raising series D funding. According to sources, currently a total of around $140 million or equivalent to 2,5 trillion Rupiah 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 at the end of 2019, raised $90 million in funding from MDI Ventures, Square Peg, Telkomsel Innovation Partners, and other investors.

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

In Indonesia, FinAccel operates two main business units, namely paylater Lewat Kredivo and fintech cash loans via Kredifazz. Based on the information disclosed, as of August 2022 Kredifazz has disbursed loans of 31,51 trillion Rupiah with lenders in the range of 4,23 million accounts and active borrowers 1,6 million accounts.

As for the application Kredivo Currently it has been downloaded tens of millions of times on Google Playstore. The service has also been integrated in more than 50 services marketplace and e-trade popular in Indonesia.

Potency paylater still big

According to the data collected DSInnovate in "Indonesia Paylater Ecosystem Report 2021", service adoption paylater in Indonesia continues to increase from 2021-2028 with a CAGR of 27,4%. In 2021, the successful market capitalization of this business has reached $1,5 billion. Level awareness service paylater has also been very good, from a survey conducted 95% of respondents said they have understood how the mechanism works.

Kredivo managed to become unicorn first of segment paylater in Indonesia. However, now it is competing with a number of other platforms, starting from Akulaku, Gopaylater, Indodana, SPaylater, and so on.

Amidst this competitive market, each tries to present a strong value proposition. Some players rely on the user base on their platform --- for example SPaylater for Shopee users and Gopaylater for Tokopedia/Gojek.

As for Atome chooses the concept of O2O, they optimize presence to serve payments at retail offline. Currently 60%+ of Atome's total transactions come from retail offline. Nevertheless, Kredivo also began to penetrate the realm of offline. Latest Kredivo holding hands Ramayana retail chain.