Mirae Asset Capital Is Said to Contribute to Kredivo's Series C Round
Telkomsel Mitra Inovasi and MDI Ventures have started in July 2019
Randi Eka - 18 November 2019
Kredivo, an online lending platform with no collateral (KTA), today (11/15) announced to secure funding from Mirae Asset Capital with an undisclosed amount. Based on DealStreetAsia's statement, this is still a part of the ongoing Series C round. As previously reported, Telkomsel Mitra Inovasi (TMI) and MDI Ventures have started this round last July.
FinAccel (Kredivo's parent company) team avoids leaking any information to DailySocial.
The Series C funding aims to strengthen its business in Indonesia and create a new market share in the Philippines. The expansion plan has rumored since last year after they raised Series B investment worth of 435 billion Rupiah.
In early September 2019, the company led by Akhsay Garg also announced to receive debt funding/debt financing from Partners for Growth V, L.P (PFG) worth of 283 billion Rupiah. The smooth distribution cannot be separated from its business growth in Indonesia. Kredivo's Commissioner, Umang Rustagi said during the last 18 months, their transactions have increased by 40%.
Regarding the expansion plan, Kredivo's Co-Founder, Alie Tan said the Philippines was appointed due to similar market characteristics with Indonesia. In fact, the name Kredivo will also be used in there. In addition, there are two more countries for business expansion, Singapore and Thailand.
Although it's a different LP, Mirae Asset used to participate in the previous rounds involving Indonesian startups. The recent one is Bukalapak and HappyFresh - they secured funding from Mirae Asset-Naver Asia GrowthFund, Mirae's managed funds with Korea-Japan tech company, Naver.
In Indonesia, Kredivo competes with Akulaku. Earlier this year, Akulaku is reportedly raised Series D funding worth of 1.4 trillion Rupiah led by Ant Financial, a fintech company under the giant retail Alibaba Group.
–Original article is in Indonesian, translated by Kristin Siagian