FinAccel, a credit risk automation solution, has raised $30m for is Series B funding round led by Square Peg Capital.
Other commitments to the round came from new backers MDI Ventures and Atami Capital, as well as previous investors Jungle Ventures, Openspace Ventures, GMO Venture Partners, Alpha JWC Ventures and 500 Startups.
The company uses deep data analytics to help create automation solutions for credit risk scoring and access to retail financing within Southeast Asia.
FinAccel’s flagship product is Kredivo an alternative checkout and digital credit payment solution for Indonesian e-commerce merchants. The solution provides online shoppers with instant access to credit at the POS.
Kredivo has scored nearly two million Indonesian consumers and helped e-commerce merchants increase their sales ‘significantly’. The platform is currently used by over 200 merchants, including Tokopedia, Shopee, Bukalapak and Lazada.
With the new funds, FinAccel will look to build new product lines, expand its geographic operational footprint and hire more talent to its team.
Square Peg Capital partner Tushar Roy said, “Kredivo is an institutional-grade business in all aspects: it has automated some of the most complex elements of lending, it is trusted by the best merchants in Indonesia, its risk metrics are bank-grade, and it is already attracting institutional debt.
“More importantly, it is helmed by high integrity, experienced founders, who are motivated to solve massive pain points for Indonesian merchants and consumers, and in doing so drive the growth of the overall economy.”
Earlier in the month, Square Peg took part in the $80m funding round of international payments provider Airwallex. The company is a cross-border payments solution that supports international money transfers through payment collection, foreign exchange and local payment distribution.
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