Daily Markup

Daily Markup #611: FinAccel raises ~US$140M Series D and becomes 500 Southeast Asia’s 6th unicorn; looks beyond e-commerce and consumer credit

October 17, 2022 · 2 min read
Credit: FinAccel

Charging towards excellence

  • A new unicorn has been born! FinAccel is Singapore’s newly minted company with a value of over $1B, and the 6th unicorn in 500 Southeast Asia’s portfolio after raising almost US$140M.
  • The Series D funding round was led by existing investor Mirae Asset, and values FinAccel at US$1.66B. This is more than triple the US$451 million valuation at the company’s last funding round in 2019.
  • The company launched Buy Now, Pay Later platform Kredivo one year after its inception, and the team has been trailblazing ever since. From 2018 to 2020, Kredivo’s user base grew from 500,000 to 2.2 million. This number nearly doubled last year.
  • Co-founder & CEO Akshay Garg has set his sights on expanding Kredivo across Southeast Asia, beyond providing financing for online purchases.
  • “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,” Akshay said.
  • How will Kredivo achieve this? They have acquired a controlling 40% stake in a small Indonesian bank, allowing the team to offer traditional banking services.
  • Congratulations to the FinAccel team!
  • Learn more on Forbes.
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