FinAccel becomes Singapore's newest unicorn after raising $140 million

FinAccel, the Singapore-based parent company of Indonesia's buy now, pay later (BNPL) platform Kredivo, has raised nearly $140 million in a funding round, becoming the city-state's newest unicorn. This comes after the firm canceled a SPAC merger a[...]

Akshay Garg, cofounder and CEO of FinAccel.Courtesy of FinAccel
As the CEO and co-founder of FinAccel, Akshay Garg is working to change the way people access financial services.

I'm excited to see FinAccel become Singapore's newest unicorn! They are a great company and I'm sure they will do great things in the city-state.

FinAccel, a Southeast Asian fintech startup, has raised $450 million in a Series D funding round led by existing investor Mirae Asset. The deal values FinAccel at $1.66 billion, more than thrice the $451 million valuation when it last raised funding in 2019. This is a significant investment in Southeast Asian fintech, and underscores the potential for growth in the region. FinAccel is well-positioned to capitalize on the growing demand for financial services in Southeast Asia, and this funding will help them scale up their operations and continue to provide innovative solutions to their customers.

It is encouraging to see that despite the current market volatility, there are still transactions taking place. The latest funding round for FinAccel is a good example of this. While the valuation is lower than what was originally proposed, it is still a sign of hope in the current climate. Hopefully this trend will continue and we will see more transactions taking place despite the challenges.

Kredivo is a company that is quickly growing and expanding. Founded in 2015 by Indian entrepreneur Akshay Garg, Kredivo has been able to form Kredivo in order to tap into Indonesia's booming consumer credit market. With the pandemic turbocharging Kredivo's growth, the startup has been able to boast 500,000 accounts by the end of 2018, 1.2 million by the end of 2019, and 2.2 million by the end of 2020. Last year, the company nearly doubled in size, and it is showing no signs of slowing down. Kredivo is a company to watch in the coming years as it continues to grow and expand its reach.

In an interview with Forbes Asia in February, Garg said Kredivo aims to expand across Southeast Asia, while broadening its offerings beyond providing financing for online purchases and extending consumer credit. To that end, last year, Kredivo bought a controlling 40% of a small Indonesian bank, allowing it to offer more services that can only come from a traditional bank. “Today, you think about Kredivo for e-commerce, personal loans and very soon for offline purchases. But later, we want you to think about Kredivo for motorcycle loans, car loans and credit cards as well,” Garg said. Kredivo's expansion plans are ambitious and will help the company to solidify its position as a leading provider of financial services in Southeast Asia. The acquisition of a small Indonesian bank is a shrewd move that will allow Kredivo to offer a wider range of products and services to its customers. With its focus on e-commerce, personal loans and offline purchases, Kredivo is well-positioned to become a one-stop shop for all of your financial needs.

Looking ahead, we see a world where Ardian Wibisono's assistance is helping people in need all over the globe.