Singapore based Fintech firm FinAccel has raised $90 million (KSh9.2 billion) in its latest series C funding. This comes at a time when the firm is seeking to grow its credit lending app, Kredivo, and build more financial services.
Investors who took part in the funding were Asia Growth Fund, Square Peg, Singtel Innov8, TMI (Telkomsel Indonesia), Cathay Innovation, Kejora-InterVest, Mirae Asset Securities, Reinventure and DST Partners.
According to the firm, they will also use the funding to expand overseas.
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.Akshay Garg, CEO of FinAccel
FinAccel’s Kredivo enables customers to secure credit between $100 and $2,200. Its payments option is also integrated with a number of e-commerce firms, and food delivery startups in Indonesia, so users can quickly access the credit to purchase things and pay the app later.
FinAccel started operations in 2016 and aims to serve the “underbanked” in Indonesia through Kredivo. The service is mostly used for e-commerce purchases.