The acquisition is the first instance of a pure-play fintech company acquiring a majority stake in a local Indonesian bank
Jakarta and Chicago, April 4th, 2022 – PT FinAccel Teknologi Indonesia, a directly controlled subsidiary of FinAccel Pte Ltd, the parent company of Kredivo, has announced today the acquisition of a majority stake in PT Bank Bisnis Internasional, Tbk. (Bank Bisnis), an IDX listed entity (ticker BBSI). This acquisition represents a very significant step in FinAccel’s expansion strategy of serving customers with a wide variety of financial services, from digital credit and BNPL (buy now pay later) today to digital banking and larger-ticket loans in the future.
At the end of the acquisition process, slated for completion at the end of this week, PT FinAccel Teknologi Indonesia will own 75% of Bank Bisnis, with the Suriadi family, the previous majority owners, still retaining a significant minority stake. All regulatory approvals for this acquisition have been obtained, including from Indonesia’s Financial Services Authority (OJK).
Akshay Garg, Group CEO & Co-founder of FinAccel, said, “While Kredivo has been at the forefront of consumer credit digitization via our BNPL business over the last several years, the digitization of Indonesian banking services is only getting started. In line with our mission to serve customers with products that are fast, affordable and widely accessible, we look forward to serving customers with world-class banking products in the future. We are also very grateful to the Suriadi family for their support and cooperation during this year-long acquisition process.”
Purnawan Suriadi, Lead Shareholder Representative for the Suriadis added, “Bank Bisnis has a long and proud heritage. As the banking sector rapidly digitizes, we are very excited to bring in FinAccel Teknologi as the new majority shareholder of the bank, and look forward to working with them in their vision of building the leading digital bank franchise in Indonesia.”
FinAccel is a financial technology company focused on making financial services fast, affordable and accessible for the under-banked population of Southeast Asia. FinAccel’s products and entities include Kredivo, the leading BNPL platform in Indonesia and Vietnam, KrediFazz, the leading digital credit platform in Indonesia and Bank Bisnis Indonesia. FinAccel is backed by leading venture capital firms and corporate investors such as Victory Park Capital Advisors, LLC (“VPC”), Mirae Asset, Naver, Square Peg, Jungle Ventures, Telkom Indonesia, Singtel and GMO, among others. To know more about FinAccel, visit www.finaccel.co.