MDI Ventures and Some Investors Pour 1.79 Trillion Rupiah to Kredivo Through PIPE
They also announced three new Board of Commissioners, Arsjad Rasjid, Darmin Nasution, and Karen Brooks
Kredivo's parent company, FinAccel received another investment of $125 million or 1.79 trillion Rupiah from MDI Ventures, Cathay Innovation, and Endeavor Catalyst through Private Investment in Public Equity (PIPE). This additional investment will strengthen its position ahead of the IPO preparation through the SPAC scheme.
In his official statement, MDI Ventures CEO Donald Wihardja said he was impressed with the company's vision to build an AI-based digital consumer credit platform through the use of its first post-funding alternative data for the series B round. Kredivo is also supported by ongoing partnerships with eight leading e-commerce platforms in Indonesia.
On the same occasion, FinAccel also announced three new ranks to fill the position of the Board of Commissioners of Kredivo Indonesia, Arsjad Rasjid, Darmin Nasution, and Karen Brooks. All three are still waiting for approval from the regulator. Meanwhile, the new Board of Commissioners will play a role in helping to design the strategic growth and expansion of Kredivo's market.
The brief profiles of the three consist of Arsjad Rasjid currently serving as CEO of PT Indika Energy Tbk and General Chair of the Indonesian Chamber of Commerce and Industry (KADIN Indonesia); Darmin Nasution is a leading economist in Indonesia who is also the former Coordinating Minister for Economic Affairs (2015-2019), and former Governor of Bank Indonesia (2010-2013); and Karen Brooks, who served on the White House National Security Council Officer, with more than a decade of experience in private equity and global investment management.
In a joint statement, the three said that Indonesia is still one of the largest unbanked markets in the world despite an increase in financial inclusion in recent years. "We are committed to helping Kredivo make an impact on tens of millions of customers over the next few years because we are optimistic about their innovative credit scoring system," he explained.
In general note, FinAccel announced its action to become a public company on the NASDAQ through the SPAC scheme. In order to realize this plan, Kredivo will merge with shell company VPC Impact Acquisition Holdings II (NASDAQ: VPCB) which is an affiliate of Victory Park Capital (VPC). From the two company merger, FinAccel will obtain a pro-forma equity valuation of $2.5 billion, assuming no redemption.
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