FinAccel, the parent company of Buy Now, Pay Later (BNPL) platform Kredivo, announced that three of its existing investors has joined its PIPE deal which is in excess of US$125 million.
The investors in the PIPE deal are MDI Ventures, corporate venture capital arm of Telkom Indonesia, as well as Cathay Innovation, and Endeavor Catalyst.
The investment comes ahead of FinAccel’s plans to go public through a US$2.5 billion SPAC deal.
In addition to the recent PIPE funding, the company is also announcing three new members to the Board of Commissioners.
Arsjad Rasjid, Darmin Nasution and Karen Brooks will be joining the Board of Commissioners of Kredivo Indonesia, helping advise the company on strategic growth objectives and market expansion.
Kredivo offers fast and affordable credit to Indonesians with its AI-powered credit risk engine and ongoing partnerships with local e-commerce merchants.
In a joint statement, Arsjad, Darmin and Karen said,
”We’re proud to join Kredivo in its mission to accelerate financial inclusion in Indonesia, which, despite progress, remains one of the world’s largest unbanked markets. Kredivo’s innovative, AI-powered credit scoring system has allowed it to serve nearly 4 million customers to date, and we believe Kredivo is well poised to impact tens of millions of customers over the next few years. As a board, we are committed to help Kredivo achieve this goal.”
Featured image: Darmin Nasution, President Director (CEO) of Indika Energy, Arsjad Rasjid, Indonesia’s most respected economists and Karen Brooks, a former U.S. diplomat who served on the National Security Council Staff at the White House