03 December 2019:
Fintech firm FinAccel has raised $90 million in Series C equity funding round. The funding round was jointly led by Asia Growth Fund (a joint venture between Mirae Asset and Naver) and Square Peg.
Singtel Innov8, TMI (Telkomsel Indonesia), Cathay Innovation, Kejora Intervest, Mirae Asset Securities, Reinventure, DST Partners also participated in the funding round.
The company will use the fresh capital to double down on growth in the region, hire talent, and expand its range of financial services dedicated to creating a generation of financially savvy customers in Indonesia and the rest of Southeast Asia.
Redpeak Advisers acted as the exclusive financial adviser to the company for the Series C equity transaction.
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.”
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.”
(Image – FinAccel)