This archive report was first published on 3 December 2019.
Published on December 3, 2019, FinAccel, a Singapore-based fintech firm, has secured $90 million (KSh9.2 billion) in its latest series C funding.
The funding, which comes at a time when the firm is seeking to grow its credit lending app, Kredivo, and build more financial services, was led by Asia Growth Fund, Square Peg, Singtel Innov8, TMI (Telkomsel Indonesia), Cathay Innovation, Kejora-InterVest, Mirae Asset Securities, Reinventure and DST Partners.
According to FinAccel, the funding will be used to expand the firm's operations overseas, with plans to launch in the Philippines in the first half of next year.
FinAccel's CEO, Akshay Garg, stated, 'We just acquired a lending license in the Philippines. We are, therefore, going to be launching in the Philippines in the first half next year. Beyond that, we are evaluating couple more markets.'
FinAccel's Kredivo enables customers to secure credit between $100 and $2,200, with its payments option integrated with several e-commerce firms and food delivery startups in Indonesia.
Founded in 2016, FinAccel aims to serve the 'underbanked' in Indonesia through Kredivo, a service mostly used for e-commerce purchases.
