After the IPO, Accelerant Wants to Expand from the Securities Business to Banks

PT Akselerasi Usaha Indonesia Tbk (Accelerant Group) floor immediately on the Indonesia Stock Exchange (IDX) with the AKSL stock code. After the IPO, the company is preparing to expand its business to other financial sectors, from securities, banks to insurance.

Group CEO and Co-founder of Akseleran Ivan Nikolas Tambunan said that the plan to enter into a non-lending business is the company's long-term aspiration. At least for the next three years, the company will continue to focus on the loan business, namely p2p loans and finance.

"Multifinance we want to do fully-integrated until 2026, after that as the business scale increases we want to look at other businesses around financial services. Some businesses that might be added, securities because we have a retail investor base, consider also later on goes into banking because you can take a deposit to raise funds so that cost of funds down. But we want to focus on the first three years until 2026 to build a multi-finance business and lendinghim," he said during a public expose, yesterday (3/7).

Business development to other financial services, outside loans, many companies have taken fintech, in this case the competitor is Akseleran itself. Take for example, Modalku which goes into Bank Index and acquisitions company finance PT Buana Sejahtera Multidana, investree which annexed Bank Amar, KoinWorks with BPR Asri Cikupa, Kredivo with Bank Bisnis, Amartha with Bank Victoria Syariah, Alami with BPRS Cempaka Al Amin, and others.

According to Ivan, essentially all businesses must evolve to remain relevant to trends in the industry. For companies that enter banking, they usually want to reduce the cost of sources of funds because they can accommodate deposits from the public. However, Akseleran prefers to find a market segment with ticket sizes the greater one.

"If you enter the bank, you have to step by step because it requires big capital. While we usually want to control for create the synergy part, if the minority can not drive."

Next plan

The company began to look into the business finance been since last year. PT Pratama Interdana Finance was chosen because the company is considered to have good business fundamentals. The acquisition plan is expected to be completed in October 2023, whilerebrand and integrated with the group.

"We can get [companies] finance that have been sought from last year, the company is relatively clean [debt], pricing okay, and the calculations the earlier we can integrate, the opportunities that open up are better."

It is hoped that in 2024 this newest business will be fully operational and provide a more substantial transformation of the group's performance, reflected in the full year's financial reports which will be published no later than March 2025.

Ivan said, this acquisition will be game changer for the company in boosting revenue. According to regulations, with business lending, the maximum distribution that can be distributed to borrowers is IDR 2 billion. Meanwhile, companies that target borrowers from medium-scale businesses usually seek loans ranging from IDR 10 billion to IDR 15 billion.

"Same product, same process, cost structure same, but revenue can increase 7 to 10 times. With finance, can support ticket sizes bigger and the targeted segment is also wider," he added.

Not only these advantages, the company sees that the increase in business prospects has an effect on the cheaper sources of funds that can be obtained to be channeled back to borrowers. Because company finance it is very possible to seek sources of funds from the issuance of debentures, not only loans from banks.

As a differentiation with similar players, business later finance This will also run the same product as the Accelerated lending business. Namely, offering loan-based products with underlying bills belonging to the borrower, such as a loan invoice, purchase order financingand inventory financing.

"Multifinance Others haven't offered this product, mostly playing in motorcycle financing and the like. As long as we're awake expertise build based lending products , so expertise us for borrower acquisition, appraisal, execution, and repayment, will be the added value offered by Akseleran."

From yesterday until July 18 2023, Akseleran opened the allotment period. As many as 2,98 billion shares or a maximum of 29% of the issued capital are offered to the public at an offering price of IDR 100-IDR 120 per share. The company has the opportunity to reap funds of IDR 358 billion from this corporate action.

In order for shares to be properly absorbed, the company has prepared a number of moves. Not only strengthening the fundamentals of financial statements, shareholders are also committed to doing so lock up shares for up to three years after the IPO. Co-founder Mikael Ramses Tambunan said, this step was taken because the company wanted to give new investors confidence that this IPO plan was a long-term commitment.

"Emphasizing that this IPO is not an opportunity for investors existing shareholders to get out soon so there is lock up," he said.