Kredivo, an Indonesia-based digital credit platform, disclosed it has secured a credit line funding of US$100 million from US-based investment company Victory Park Capital (VPC).
This credit line is the largest in Kredivo’s history and within the fintech industry in Southeast Asia, it said in a press note.
The funding also marks VPC’s inaugural investment into the Southeast Asian market.
The fintech startup will utilise the funds to develop and diversify its loan book, all of which comes from third-party funds.
Kredivo’s Co-founder, Umang Rustagi, said: “The large line of credit funding available through this facility will accelerate business scalability and realise our target of serving up to 10 million new users in the next few years.”
Gordon Watson, Partner at VPC, said: “Kredivo is able to demonstrate a unique combination of growth, market reach, risk management and financial inclusion in Indonesia, which is one of the most developed markets in the world.”
Operated by Singapore-based FinAccel, Kredivo provides instant credit financing to customers for purchases on e-commerce, offline and cash loans, processed based on real-time decisions. Users can buy now and pay later with low-interest rates.
The firm’s trading partners benefit from instant point-of-sale (PoS) funding with a 2-click checkout via Kredivo.
Its parent FinAccel is backed by Mirae Asset, Naver, Square Peg Capital, MDI Ventures, Jungle Ventures, as well as several other investors.