Mirae Asset Capital Reportedly Involved in Series C Funding Round Kredivo

Kredivo, an online unsecured credit service (KTA) developer startup, today (15/11) is reported to have secured funding from Mirae Asset Capital with an undisclosed amount. According to the news Deal Street Asia, this is still included in the series C round that is being raised. As previously reported, Telkomsel Innovation Partners (TMI) and MDI Ventures have open loop This was last July 2019.

To DailySocial, the FinAccel (parent company Kredivo) is still reluctant to respond.

FinAccel raised Series C funding to strengthen its business in Indonesia and open new market share in the Philippines. This expansion plan has been submitted since the end of last year, after investment series B worth 435 billion Rupiah.

In early September 2019, the company led by Akshay Garg also announced the acquisition of debt funding/debt financing from Partners for Growth V, LP (PFG) worth 283 billion Rupiah. The smooth addition of capital to Kredivo inseparable from its business growth in Indonesia. On an occasion the Commissioner Kredivo Umang Rustagi said that over the last 18 months, transactions have increased by 40%.

Regarding the expansion plan, Co-Founder Kredivo Alie Tan said that the Philippines election was inseparable from market characteristics similar to Indonesia. Even the brand"Kredivo" will also be used there. In addition, there are two other countries that have been considered for business expansion, namely Singapore and Thailand.

Although with different LPs, the name Mirae Asset itself has previously been heard in several investment rounds involving startups in Indonesia. One of them at the latest fundraiser Bukalapak and HappyFresh -- they got funding from Mirae Asset-Naver Asia Growth Fund, Mirae's managed fund and Korean-Japanese technology company Naver.

In Indonesia, service Kredivo compete directly with Akulaku. Early this year Akulaku reportedly obtained series D pendanaan funding 1,4 trillion Rupiah led by Ant Financial, a financial technology company under the auspices of retail giant Alibaba Group.