Kredivo, an Indonesia-based digital credit platform, has collected $20m in a new debt line to support its growth in the country.
Partners for Growth (PFG), a venture debt firm based in the U.S, supplied the new funds. This transaction marks PFG’s first investment into Indonesia.
This capital has been raised to continue the growth momentum of the FinTech which has seen its transaction value and loan book grow at 40 per cent and 35 per cent, respectively. Kredivo plans to use the funds to further diversify its loan book which currently is predominantly domestically originated.
The company offers fast credit at the point of sale for over 250 merchants, enabling online shoppers to buy now and pay later. A borrower can choose to pay up to 30 days later or in instalments over 3, 6, or 12 months.
PFG partner Jason Georgatos said, “We are very excited to be partnering with Kredivo. We have invested in a unique company that matches our values of fair and sustainable financial inclusion. Kredivo is one of the lowest cost lenders in the market and has one of the best risk metrics that we have come across, yet it is also one of the fastest growing. We are very pleased to anchor our first investment in this region with a team and business of this calibre.”
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