From strength to strength

• Fresh off its recent SPAC (special purpose acquisition company) announcement, 500-backed FinAccel raised additional PIPE investment (private investment in public equity) from three existing investors, MDI Ventures, Cathay Innovation, and Endeavor Catalyst. This brings the startup’s PIPE deal to more than US$125 million.
• According to the statement, its Buy Now, Pay Later business, Kredivo, has been integral in providing fast and affordable credit to millions of Indonesians. This is thanks to its AI-powered credit risk engine and partnerships with eight out of the top ten Indonesian e-commerce merchants,
• The startup also announced three new members to the Board of Commissioners, pending regulatory approval: Arsjad Rasjid, a prominent Indonesian business leader, Darmin Nasution, one of 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.
• In a joint statement, the trio said, “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.”
• Read the full article on Tech in Asia here. A subscription may be required.

A light in time of crisis

• 500-backed Impact Credit Solutions (ICS) announced a new boost to its US$40 million initiative, the Indonesian Resilience Fund (IRF). The startup has partnered with Bank Central Asia (BCA), a leading Indonesian commercial bank, to offer affordable financing to the Indonesian healthcare sector during the COVID-19 pandemic.
• As of August 2021, the IRF has reached 108 healthcare providers, including 67 hospitals, across 31 provinces in Indonesia. It has financed the delivery of medical equipment, supplies, and services, ranging from oxygen concentrators to personal protective equipment.
• A representative from BCA said, “ICS’ tech platform enables BCA to finance SME healthcare loans with confidence that our risk will be effectively managed while delivering social impact.”
• The fund also uses a gender lens investment framework to ensure that financing reaches diverse beneficiaries, such as women-led businesses as well as female healthcare workers and patients, who are disproportionately affected by the pandemic.
• Read the full story on Yahoo! Finance here.

Friendly deals and discounts

• Thai shoppers can now get access to online deals from thousands of merchants. 500-backed iPrice has partnered with Sanook, Thailand’s No.1 news and entertainment portal, to curate and offer coupons on Sanook’s website.
• According to research, Thailand’s e-commerce market grew by 80% in 2020, making it the second-largest market in ASEAN. Meanwhile, another study found that internet users in Thailand spend the most time on their mobile phones compared to other Southeast Asian countries.
• “iPrice is on a mission to bring a greater level of transparency, convenience, and trust to consumers in SEA to help consumers save money,” said Thomas Lozza, Senior Vice President of Product in iPrice Group.
• “Instead of going through multiple marketplaces to find the best deal, users in SEA can instantly access six billion offers from more than two million sellers on a single platform. They can save money by comparing products, prices, sellers’ reputation, and delivery conditions all in one place,” he added.
• Find out how to get the coupons on the Bangkok Post here.