Kredivo, an Indonesia-based buy now, pay later (BNPL) service, announced it has received a second US$100 million debt facility from US-based private credit firm Victory Park Capital, which will be disbursed to its users in Indonesia. It received the same amount of debt from the investor in November last year.
The total US$200 million debt facility is the biggest Kredivo has received to date. It is also Victory Park Capital’s biggest debt facility for a fintech company outside Europe and the US.
According to Umang Rustagi, chief executive of Kredivo Indonesia, the new funds will accelerate the company’s scale and help it reach its target of having 10 million users in the country in the years to come.
Last month, Kredivo parent company FinAccel bought a 24% stake in publicly listed Bank Bisnis Indonesia. It spent around US$38 million to get 726 million shares of the bank.
In 2019, FinAccel raised US$90 million from Square Peg Capital and the Asia Growth Fund at a valuation of almost US$500 million. – (techinasia)