JAKARTA - The Kredivo financial technology (fintech) platform received a total of US $ 100 million (US) from Victory Park Capital Advisors, LLC (VPC). Funding was obtained after completing the credit line from the investor.
For Kredivo, this funding is the largest in the company's history as well as in the fintech industry in Southeast Asia. Moreover, it was obtained in the third quarter of 2020.
"The large number of credit lines obtained by Kredivo, especially in the midst of the current pandemic, is an important breakthrough for the fintech industry and ecosystem in Indonesia," said Kredivo's Co-Founder, Umang Rustagi in a written statement, Tuesday, November 24.
Umang explained that this credit line funding will encourage great momentum for Kredivo's business growth. As well as strengthening Kredivo's risk matrix amid the current economic conditions.
Kredivo will also take advantage of the credit lines obtained to develop and diversify its loan books, all of which come from third party funds. This is done to realize the target of serving 10 million new users in the next few years.
Meanwhile, a partner at VPC, Gordon Watson, said the reason he chose Kredivo. According to him, Kredivo is able to show a unique combination of growth, market reach, risk management and financial inclusion in Indonesia.
"This cooperation is VPC's first investment in the Southeast Asia region, of course it is very exciting to be able to start this important chapter with a partner of Kredivo's caliber, with extraordinary enthusiasm in expanding access to credit that is affordable for the wider community," said Watson.
Not only for Kredivo, this cooperation is also useful for the digital credit ecosystem in Indonesia, even Southeast Asia. This is because credit card penetration is still at three percent and the limitations of conventional financial institutions in extending unsecured credit, the presence of digital credit such as Kredivo is believed to be able to bridge the credit gap in Indonesia.
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