FinAccel, a Singapore-based credit risk scoring and consumer lending startup, raised a seven digit seed funding.
The round was led by Jungle Ventures with participation from GMO Venture Partners, Alpha JWC Ventures, 500 Durians, 500 Tuktuks and angels Amar Goel (Komli/PubMatic) Prashant Kirtane (TravelMob), Jerry Yeu and Mathieu Harding (Hawksburn Capital).
to reinvent credit scoring and digital lending in Southeast Asia. Several notable
Founded by Akshay Garg, Umang Rustagi and Alie Tan, FinAccel 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.
In stealth mode for nearly six months, working on its credit risk model and product proposition, the Kredivo Buy now, Pay later product is now in public Beta in Indonesia, integrated with nearly 20 merchants such as Sepulsa.com and Jualo.com, processing hundreds of transactions per day.
All financing offered through Kredivo is underwritten by BFI Finance, an Indonesian multi-finance company.