Indonesia’s Kredivo said to secure Series C funding from Mirae Asset Capital

A woman holds an iPhone in her hands. Photo: Priscilla Du Preez

Indonesian digital credit platform Kredivo has secured funding from Mirae Asset Capital in its Series C round, according to three sources familiar with the development.

Mirae Asset Capital is going to invest close to $21 million in this round, said one of the sources mentioned above.

The exact amount of capital raised in the round is unconfirmed but sources say it is likely to be more than $50 million and could reach up to $100 million. In an email to media houses last week, Kredivo had said that its next funding round will be the largest Series C round for a fintech company in Southeast Asia.

The Jakarta-based company had organized a media event this week to announce the Series C round but the conference was deferred due to undisclosed reasons.

In its response to our query for this story, Kredivo said it does not comment on market speculation. Mirae Asset Capital, meanwhile, did not immediately respond to an email.

Redpeak Advisor, the Singapore-based boutique advisory firm, is running the fundraising process, two of the sources said.

Kredivo plans to use the fresh funding to grow its business in Indonesia and support its expansion into the Philippines, one of the sources added. The startup has previously revealed plans to enter the Philippines market before the year-end.

Operated by fintech company FinAccel, Kredivo functions like a digital credit card, enabling consumers without a credit card to shop online and pay later in instalments.

It has so far focused on tapping the Indonesian market, which is known to be one of the most credit-starved countries in Asia. Less than 3 per cent of the country’s population owns a credit card and less than 5 per cent have access to unsecured credit from banks.

Kredivo had last year raised $30 million in a Series B funding round led by Square Peg Capital. The round was joined by MDI Capital and Atami Capital, as well as existing backers 500 Startups, Alpha JWC Ventures, GMO Venture, Jungle Ventures, and Openspace Ventures.

In July this year, the company secured unspecified funding from existing investors Telkomsel Mitra Inovasi (TMI), the venture arm of network provider Telkomsel, and MDI Ventures. This was followed by debt financing of up to $20 million from venture debt firm Partners for Growth in September.

In offering its digital credit services, Kredivo sees stern competition from Sequoia-backed Akulaku, which raised a Series C funding round of $70 million late last year and is understood to be in the market to raise a new round of $100 million.

Mirae Asset Capital counts Indonesian e-commerce company Bukalapak and regional ride-hailing decacorn Grab among its portfolio companies.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.