Jungle Ventures leads star list of investors backing FinAccel to create the most convenient payment and financing method for ecommerce buyers in the region
Singapore and Jakarta, 1 June, 2016 — Singapore based credit risk
scoring and consumer lending startup FinAccel has raised a seven digit
seed investment round led by Jungle Ventures with participation from GMO
Venture Partners, AlphaJWC Ventures, 500 Durians and 500 Tuktuks to
reinvent credit scoring and digital lending in Southeast Asia. Several
notable angels such as Amar Goel (Komli/PubMatic) Prashant Kirtane
(TravelMob), Jerry Yeu and Mathieu Harding (Hawksburn Capital) also
participated in the round. Founded by Akshay Garg, Umang Rustagi and
Alie Tan, the company has developed a real-time credit risk engine that
powers Kredivo Buy now, Pay later, a 2-click payment method that
enables e-commerce buyers in Southeast Asia to get instant access to
short-term financing for their purchases.
“Traditional credit bureau driven credit risk profiling has poor
coverage in a market like Indonesia thus limiting access to credit to
eligible borrowers,” said CEO Akshay Garg. “We are initially focused on
ecommerce financing for buyers but the vision behind the company is much
larger. By bringing a data-driven approach to credit scoring that looks
at more than a thousand variables in real time, we are going after an
unprecedented opportunity that will help unlock access to credit to tens
of millions of eligible borrowers in a fully automated way, not just
directly through us but via 3rd parties who lend using our platform.”
FinAccel has been in stealth mode for nearly six months, working on its credit risk model and product proposition. It’s Kredivo Buy now, Pay later
product, now in public Beta, removes friction from ecommerce checkout
by decoupling payment from the checkout. Initially launched in
Indonesia, Kredivo is currently integrated with nearly 20 merchants such
as Sepulsa.com and Jualo.com and is processing hundreds of transactions
per day. All financing offered through Kredivo is underwritten by BFI
Finance, one of the leading multi-finance companies in Indonesia.
Merchants using Kredivo are seeing instant benefits. “High cart
abandonment due to payment friction is a fact of life we have been
dealing with. Kredivo reduces that friction for us. With Kredivo, we are
seeing 50% higher frequency and 25% larger ticket size compared to
other payment methods,” said Sepulsa.com CEO Ananto Wibisono, a launch
partner of Kredivo.
Amit Anand, founding partner at Jungle Ventures, the lead investor in
this round said, “We believe FinAccel has the opportunity to solve one
of the biggest problems plaguing growth of e-commerce in Southeast Asia.
We are very excited to partner with this extraordinary team in creating
a leading credit risk scoring and consumer lending company here.”
About FinAccel
FinAccel is a financial technology company that leverages deep data analytics across users’ digital footprint to automate credit risk scoring and access to credit for ecommerce purchases in Southeast Asia, the 7th largest economy in the world and home to nearly 10% of the world’s population. FinAccel’s flagship product, Kredivo Buy now, Pay later, enables ecommerce buyers to apply and qualify for instant credit and pay back over time. Merchants using Kredivo benefit from providing Point of Sale financing using a 2-click checkout to all eligible buyers. To know more about FinAccel, visit www.finaccel.co.