Singapore-based FinAccel has closed a $90m Series C round led by Asia Growth Fund and Square Peg, the venture capital fund.
Asia Growth Fund is a joint venture between financial service provider Mirae Asset and Naver, a South Korean search engine.
FinAccel is the company behind Kredivo, a platform enabling Indonesian consumers to buy online and pay later. Singtel Innov8, TMI, Cathay Innovation, Kejora Intervest, Mirae Asset Securities, Reinventure, DST Partners and others investors also participated in the Series C round.
The new round pushes the capital invested in the company in 2019 alone to $200m.
FinAccel will use the funds to scale in the region, recruit staff and expand its range of financial services across Southeast Asia.
Akshay Garg, CEO of FinAccel, said, “We are very excited to have Mirae Asset and Naver join our growth journey. These highly entrepreneurial companies bring deep domain expertise in financial services and consumer internet, Kredivo sits at the intersection of both areas. Additionally, we are very pleased that our incoming investors share in our vision of building a wide set of financial services that are fast, affordable and accessible for millions of customers in the region.”
Jikwang Chung, managing director of Mirae Asset Capital, the strategic investment arm of Mirae Asset, said, “FinAccel is an exceptional company, one that combines a strong technology DNA with top-tier risk management and a bold vision of financial inclusion. Today, we are witnessing the rapid advancement of technology-led disruption of financial services and we see FinAccel as one of the leading companies in this area.”
Square Peg supported FinAccel’s $30m Series B round in 2018 too. Commenting on the new fund, Tushar Roy, partner at Square Peg, said, “We have been really impressed with the team’s progress since we invested last year, and it was an easy decision to support strongly again. It is rare to find such a strongly values-led and culture-focused company in the region that is also experiencing tremendous growth while improving the financial services ecosystem.”
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