{"id":914,"date":"2020-10-09T00:00:00","date_gmt":"2020-10-09T00:00:00","guid":{"rendered":"https:\/\/markupbackup.wordpress.com\/2021\/07\/21\/durians-daily-106-fintech-platform-kredivo-completes-acquisition-of-financing-platform\/"},"modified":"2021-07-23T07:40:33","modified_gmt":"2021-07-23T07:40:33","slug":"durians-daily-106-fintech-platform-kredivo-completes-acquisition-of-financing-platform","status":"publish","type":"post","link":"https:\/\/dailymarkup.com\/?p=914","title":{"rendered":"Daily Markup #106: Fintech platform Kredivo completes acquisition of financing platform\u2026"},"content":{"rendered":"<figure><img decoding=\"async\" data-width=\"490\" data-height=\"528\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/1eIVhH-A251phxft4zO_8Uw.png\"><\/figure>\n<p><strong>Work starts now<\/strong><\/p>\n<ul>\n<li>Kredivo, the Indonesia-based fintech platform operated by 500-backed FinAccel, has completed the acquisition of financing company PT Swarna Niaga Finance for an undisclosed sum.<\/li>\n<li>Now with a multi-financing license, Kredivo\u2019s lending services are planned to grow even more rapidly, allowing the platform to channel 30% of its financing to online lending platforms, according to <a href=\"https:\/\/dailysocial.id\/post\/kredivo-rampungkan-akuisisi-perusahaan-pembiayaan-segera-perluas-bisnis\" target=\"_blank\" rel=\"noopener\">DailySocial<\/a>.<\/li>\n<li>However, Kredivo Indonesia CEO Alie Tan said the acquisition will not shift Kredivo\u2019s business direction.<\/li>\n<li>\u201cThis is why we can expect to grow rapidly and serve 10 million users in the next few years,\u201d he said in a <a href=\"https:\/\/e27.co\/kredivo-finalises-acquisition-of-financing-company-aims-to-expand-business-immediately-20201008\/\" target=\"_blank\" rel=\"noopener\">statement<\/a>.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"688\" data-height=\"390\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da5fcb75f.png\"><figcaption class=\"wp-caption-text\">Credit: Kredivo<\/figcaption><\/figure>\n<ul>\n<li>While Alie didn\u2019t share Kredivo\u2019s plans for the acquisition, he said, \u201cWe will soon share the roadmap as we are still working on it internally.\u201d<\/li>\n<li>In an interview with <a href=\"https:\/\/techcrunch.com\/2019\/12\/02\/kredivo-finaccel-raises-90m-to-expand-its-credit-lending-platform-in-southeast-asia\/\" target=\"_blank\" rel=\"noopener\">TechCrunch<\/a> last year, Akshay Garg, chief executive of FinAccel, said Kredivo has garnered more than a million customers and was growing by 300% year-on-year.<\/li>\n<li>Kredivo\u2019s credit-lending options are also integrated across 350+ merchants from different industries, such as consumer goods and F&amp;B.<\/li>\n<li>For more on Kredivo, visit its official website <a href=\"https:\/\/www.kredivo.com\/\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/li>\n<\/ul>\n<p><strong>Exciting times<\/strong><\/p>\n<ul>\n<li>Quek Siu Rui, co-founder of 500-backed classifieds company Carousell, told <a href=\"https:\/\/www.cnbc.com\/2020\/10\/07\/carousell-aims-for-profitability-in-3-to-4-years-potential-exit-after.html\" target=\"_blank\" rel=\"noopener\">CNBC<\/a> the company is looking to achieve profitability in the next three to four years.<\/li>\n<li>While Carousell is nearing unicorn status after receiving <a href=\"https:\/\/dailymarkup.com\/\/durians-daily-92-carousell-valued-at-over-us-900mil-after-investment-from-south-korean-internet-4d7664ca5b29\" target=\"_blank\" rel=\"noopener\">US$80 million<\/a> in fresh funds from South Korea\u2019s Naver, Quek said the goal is to become profitable.<\/li>\n<li>\u201cI think for us this transaction, this round of funding that we closed doesn\u2019t really change our strategic focus as a company,\u201d Quek said.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"960\" data-height=\"640\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da602593c.jpg\"><figcaption class=\"wp-caption-text\">Credit: The Straits\u00a0Times<\/figcaption><\/figure>\n<ul>\n<li>One of the ways Carousell plans to achieve that is by doubling down on tech hires, but it has been challenging due to talent scarcity in the region as a result of Covid-19.<\/li>\n<li>\u201cI think the tech recruitment challenge has always been difficult, but I would say that in a time like this, it has actually been extremely difficult,\u201d Quek added.<\/li>\n<li>The ongoing pandemic crisis, however, has caused transaction volumes to increase substantially. This was mainly due to shifting consumer behaviors. Carousell saw more than a billion dollars worth of transactions on its platform between February and June 2020.<\/li>\n<li>\u201cBecause people are staying home more, one strategic focus for us going forward in end of 2020 and all of 2021 is the services category. So this is a big new business area for us that we are doubling down on,\u201d Quek said.<\/li>\n<li>Read Quek\u2019s interview with CNBC <a href=\"https:\/\/www.cnbc.com\/2020\/10\/07\/carousell-aims-for-profitability-in-3-to-4-years-potential-exit-after.html\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/li>\n<\/ul>\n<p><strong>Cruising through Southeast Asia<\/strong><\/p>\n<ul>\n<li>500-backed Carsome\u2019s <a href=\"https:\/\/dailymarkup.com\/\/durians-daily-93-iprice-raises-series-b-from-philippine-conglomerate-carsome-partners-shoppee-b7c1ea2d0a9a\" target=\"_blank\" rel=\"noopener\">collaboration<\/a> with e-commerce company Shopee made headlines last month. It was a move that changes how consumers buy cars, especially during this period of social distancing.<\/li>\n<li>Eric Cheng, CEO and co-founder of the company, told <a href=\"https:\/\/kr-asia.com\/cruising-through-southeast-asia-and-taking-auto-sales-online-qa-with-carsome-ceo-eric-cheng\" target=\"_blank\" rel=\"noopener\">KrAsia<\/a> that Carsome was able to leverage Shopee\u2019s reach and large user base.<\/li>\n<li>\u201cThere are a lot of car buyers, but we need to convince them to trust us. The collaboration between the two creates a seamless experience to deliver the used cars,\u201d he said.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"1600\" data-height=\"1066\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da607971c.jpg\"><figcaption class=\"wp-caption-text\">Credit: Carsome<\/figcaption><\/figure>\n<ul>\n<li>Besides, all listed cars come complete with car specification details and multi-angled photos. They also come with a one-year warranty and five-day money back guarantee.<\/li>\n<li>Eric also touched on the <a href=\"https:\/\/500.co\/blog\/used-car-platform-recorded-a-v-shaped-recovery-during-the-covid-19-pandemic-how-did-they-do-it\/\" target=\"_blank\" rel=\"noopener\">V-shaped recovery<\/a> in the past few months, with the company achieving record-high month-over-month growth since June.<\/li>\n<li>\u201cWe expect the momentum to carry through the next few months. We\u2019re staying cautious, and expanding to make sure that we can cater to more customers. The fact that we are unable to travel to other countries is a major bottleneck. Still, we are pretty optimistic,\u201d Eric added.<\/li>\n<li>As Carsome solidifies itself as the go-to used car platform in Southeast Asia, the focus will be on improving their offerings in the cities and countries they\u2019re in. They\u2019re also looking to enter Vietnam and the Philippines.<\/li>\n<li>Read Eric\u2019s interview with KrAsia <a href=\"https:\/\/kr-asia.com\/cruising-through-southeast-asia-and-taking-auto-sales-online-qa-with-carsome-ceo-eric-cheng\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/li>\n<\/ul>\n<hr>\n<p><strong>Missed out the last Daily Markup? Go <\/strong><a href=\"https:\/\/dailymarkup.com\/\" target=\"_blank\" rel=\"noopener\"><strong>here<\/strong><\/a><strong> to check it out.<\/strong><\/p>\n<p><strong>You can also find us on <\/strong><a href=\"https:\/\/www.linkedin.com\/company\/500-durians\/\" target=\"_blank\" rel=\"noopener\"><strong>LinkedIn<\/strong><\/a><strong>, <\/strong><a href=\"https:\/\/www.facebook.com\/500durians\/\" target=\"_blank\" rel=\"noopener\"><strong>Facebook<\/strong><\/a><strong>, <\/strong><a href=\"https:\/\/twitter.com\/500Startups_SEA\" target=\"_blank\" rel=\"noopener\"><strong>Twitter<\/strong><\/a><strong>, and <\/strong><a href=\"https:\/\/www.instagram.com\/500durians\/?hl=en\" target=\"_blank\" rel=\"noopener\"><strong>Instagram<\/strong><\/a><strong>.<\/strong><\/p>\n<figure><img decoding=\"async\" data-width=\"400\" data-height=\"400\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da60c2c1d.jpg\"><\/figure>\n<p>500 Startups is a venture capital firm on a mission to discover and back the world\u2019s 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.<\/p>\n<p><em>This post is intended solely for general informational or educational purposes only. 500 Startups Management Company, L.L.C. and its affiliates (collectively \u201c500 Startups\u201d) makes no representation as to the accuracy or information in this post and while reasonable steps have been taken to ensure that the information herein is accurate and up-to-date, no liability can be accepted for any error or omissions. All third party links in this post have not been independently verified by 500 Startups and the inclusion of such links should not be interpreted as an endorsement or confirmation of the content within. Information about portfolio companies\u2019 markets, competitors, performance, and fundraising has been provided by those companies\u2019 founders and has not been independently verified. Under no circumstances should any content in this post be construed as investment, legal, tax or accounting advice by 500 Startups, or an offer to provide any investment advisory service with regard to securities by 500 Startups. No content or information in this post should be construed as an offer to sell or solicitation of interest to purchase any securities advised by 500 Startups. Prospective investors considering an investment into any 500 Startups fund should not consider or construe this content as fund marketing material. The views expressed herein are as at the date of this post and are subject to change without notice. One or more 500 Startups fund may have a financial interest in one or more of the companies discussed.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Work starts now Kredivo, the Indonesia-based fintech platform operated by 500-backed FinAccel, has completed the acquisition of financing company PT Swarna Niaga Finance for an undisclosed sum. Now with a multi-financing license, Kredivo\u2019s lending services are planned to grow even more rapidly, allowing the platform to channel 30% of its financing to online lending platforms, [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[322],"tags":[45,341,364],"class_list":["post-914","post","type-post","status-publish","format-standard","hentry","category-daily","tag-carousell","tag-carsome","tag-finaccel"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Markup #106: Fintech platform Kredivo completes acquisition of financing platform\u2026 - Markup<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailymarkup.com\/?p=914\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Daily Markup #106: Fintech platform Kredivo completes acquisition of financing platform\u2026 - Markup\" \/>\n<meta property=\"og:description\" content=\"Work starts now Kredivo, the Indonesia-based fintech platform operated by 500-backed FinAccel, has completed the acquisition of financing company PT Swarna Niaga Finance for an undisclosed sum. 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