Kredivo, a digital credit platform for retail borrowers in Indonesia, has secured up to $100m in a debt facility to facilitate more consumer loans.
The capital was supplied by Victory Park Capital Advisors, a Chicago-based credit specialist, marking its first deal in Southeast Asia.
This deal is the largest raised by Kredivo and is one of the biggest credit lines supplied to a digital credit platform in the region, it claims.
Kredivo will use the capital to diversify its loan book.
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.
Kredivo Indonesia CEO Umang Rustagi said, “The large capital pool made available via this facility will enable the business to scale even further and get us closer to our goal of serving up to 10m customers in Indonesia over the next few years.
“We believe that the size and complexity of this facility represents major breakthroughs for Indonesia’s tech and fintech ecosystem. The entire Kredivo team is extremely pleased to have sealed a partnership with VPC, a renowned and sophisticated credit provider active in our space globally.”
Last year, the lending platform raised $20m in a debt line from Partners for Growth (PFG), a venture debt firm based in the US. It also raised this credit line to support its own lending capacity.
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