Daily Markup #474: FinAccel acquires bank to expand beyond BNPL; Amity powers online communities for brands; Neuron Mobility launches concession pass

Credit: DealStreetAsia

Banking on greater financial services

  • 500-backed FinAccel announced an ambitious maneuver into Indonesia’s highly competitive digital banking space. They are expanding beyond the online lending business under its buy now, pay later (BNPL) brand, Kredivo.
  • The Singapore-based startup invested US$200 million to acquire a 75% stake in Indonesia’s PT Bank Bisnis Internasional TB.
  • This signals a significant step to serve customers with a wider variety of financial services, from digital credit and BNPL today to digital banking and larger-ticket loans in the future.
  • Akshay Garg, co-founder and Group CEO of FinAccel, said, “While Kredivo has been at the forefront of consumer credit digitization via our BNPL business over the last several years, the digitization of Indonesian banking services is only getting started. In line with our mission to serve customers with products that are fast, affordable, and widely accessible, we look forward to serving customers with world-class banking products in the future.”
  • Read the full story on Bloomberg.

Credit: Amity

Strengthening communities everywhere

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  • Social connections are more important today than ever before, and 500-backed startup Amity is enabling this by transforming apps into social+ products via its flagship platform, Amity Social Cloud.
  • Social+ products help businesses enhance their relationships with customers by creating better in-app experiences. Amity seamlessly integrates social features into a company’s app.
  • A recent Amity survey revealed that 72% of respondents would be more likely to return to a brand that creates a strong digital community, while 63% acknowledged that they are more likely to buy from a company that leverages engaging social features on its app.
  • Founder and CEO, Korawad Chearavanont said, “Businesses across different industries have come to realize that it takes more than just ads and promotions to engage and retain users. What companies truly need to understand is what their customers want and what their pain points are. By striving to create community-driven products through social features, our clients are able to increase the excitement that customers feel when interacting with an app, whatever that app may be, and generate a more rewarding user experience.”
  • More details here.

Credit: Neuron Mobility

Making sustainable transport more accessible

  • E-scooter and e-bike riders from low-income communities are getting greater access through more affordable rates thanks to 500-backed startup Neuron Mobility. As part of Neuron Access, its global equity and accessibility program, it launched a Concession Pass for low-income users.
  • The discounted pass will provide up to 50% off an applicable Neuron Pass and is valid for 12 months. This makes budgeting for transportation expenses easier on the wallet, allowing users to ride more at substantial cost savings and lower upfront fees.
  • The Concession Pass is currently available in Brisbane, Darwin, Melbourne, and Perth in Australia, as well as Calgary in Canada, and will be available in more cities across Neuron’s markets this year.
  • The startup also plans to expand its Neuron Access offerings to more segments of underserved communities.
  • Get the full announcement here.

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