Doubling up

• 500-backed fintech startup Kredivo has secured another US$100 million debt facility from Victory Park Capital (VPC). According to TechCrunch, this is VPC’s biggest debt commitment to a fintech company outside of the United States and Europe and its only investment in Southeast Asia.
• Kredivo will use the debt facility to help achieve its goal of serving 10 million customers in Indonesia. The startup claims to have more than three million customers currently.
• “What we’re solving is less a convenience problem and more an access problem. We’re putting unsecured credit, or the ability to buy on credit, in the hands of urban millennials for the first time, simply because banks are just not providing them access to credit cards,” said CEO Akshay Garg.
• He added that Kredivo’s effective risk-scoring model allows the platform to charge low interest rates, and its non-performing loan ratio is in the low single-digits, despite the economic impact of COVID-19.
• Read the full article on TechCrunch here.

Widening the playing field

• Grassroots gamers will soon be able to organize their own tournaments on 500-backed Esports Players League’s (ESPL) platform. According to c-ofounder and president Kin Wai Lau, this feature would be available over the next six months.
• Kin Wai shared that the introduction of user-generated tournaments will further its goal to democratize the e-sports space.
• “We will continue to grow our community. We will enhance the platform we have to build more features, grow the team to serve the community better, and move into other geographical markets,” he said.
• He also mentioned the possibility of hosting virtual concerts with artistes from the Warner Music Asia label.
• Read the full article on Straits Times here.

Offering peace of mind

• CEO of RedDoorz Amit Saberwal appeared on NYSE Floor Talk to discuss some of the startup’s responses to COVID-19 and its plans for 2021.
• In a time of uncertainty, Amit shared that its HygienePass program gives travelers the assurance that the property they’re staying in has passed a standard of cleanliness.
• In 2020, RedDoorz also launched Hope Hotline, a mental health hotline for employees and hotel partners to provide an outlet to those affected by the pandemic. He said it did so well that RedDoorz decided to offer the service to the broader tourism industry free of charge.
• For 2021, the startup’s priority is to respond to the surge in travel as the pandemic eases in some areas and continue strengthening relationships with property owners.
• Watch the full interview on NYSE Floor Talk here.

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500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.

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