The company said that it had received twice the amount of capital it originally sought to raise. A consortium of regional institutional investors including Indonesia’s Reliance Modal Ventura also participated in the round.
“The strong investor interest from this fundraising round is a market validation of our product and our growth vision. By addressing the huge market demand for financing in emerging markets, CredoLab is seizing a leadership position in advancing credit access and filling the void created by the banking infrastructure and logistical challenges in the developing world,” said CredoLab co-founder and CEO Peter Barcak.
The firm, he said, will use the proceeds to develop financial technology products and solutions that could help it extend its clients’ reach to serve the underbanked population in Asia’s emerging markets such as Indonesia, the Philippines, Malaysia, Thailand, Vietnam and Myanmar.
Founded last year, CredoLab claims it has rapidly expanded its customer base to more than 10 financial institutions in multiple markets in Asia and now plans to double customer portfolio in the next six months.
The firm said that it expects to generate more than a million credit scores and reach profitability by this year end, only nine months after its product launch.
As part of the fundraising, Fintonia Group chairman and CEO Adrian Chng has joined CredoLab’s Board of Directors. Chng was formerly CEO of JobsDB, who led the job portal into an A$1 billion merger with JobStreet.
“Through investing in CredoLab and other financial technology and data analytics companies, we aim to build a holistic ecosystem for financial technology that advances financial inclusion for underserved consumers and businesses in emerging markets across Southeast Asia,” Chng added.