FinAccel, a Singapore based instant credit startup has raised a ‘7- digit’ seed investment round led by Jungle Ventures. The other shareholders included GMO Venture Partners, AlphaJWC Ventures, 500 Durians (the 500 Startups Southeast Asian Fund) and 500 Tuktuks (the 500 Startups Thailand Fund). The startup is currently operating in Singapore and Jakarta aims to reinvent credit scoring and digital lending in Southeast Asia.
FinAccel essentially acts as a layer between its credit card and lending company partners and consumers buying online. It has developed Kredivo that enables instant Point of Sale (PoS) financing with a unique 2-click purchase option “Buy now, Pay later”. The service entitles e-commerce buyers in Southeast Asia to get instant access to short-term financing for their purchases. 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.
Several notable angels such as Amar Goel (Founder and Chairman of PubMatic), Prashant Kirtane (Vice President, Asia at HomeAway), Jerry Yeu and Mathieu Harding of Hawksburn Capital also participated in the round.
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.
stated CEO Akshay Garg.
In South East Asia, one of the serious problems that online commerce companies are facing is that a high percentage of population does not own credit cards. This leads to cart abandonment due to payment friction and Sepulsa.com CEO Ananto Wibisono said Khedive is helping that friction for them.
Amit Anand, founding partner at Jungle Ventures said,
We believe FinAccel has the opportunity to solve one of the biggest problems plaguing growth of ecommerce 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.
