FinAccel, a Jakarta, Indonesia-based fintech company, raised $30m in Series B equity funding.
The round was led by Square Peg Capital, with participation from new investors MDI Ventures and Atami Capital, and from existing investors Jungle Ventures, Openspace Ventures, GMO Venture Partners, Alpha JWC Ventures and 500 Startups.
The company intends to use the new funds to build out new product lines, expand geographically and hire more talent.
Led by Akshay Garg, CEO, FinAccel provides Kredivo, a digital credit card and point-of-sale transaction engine that enables consumers to “buy now and pay later” on Indonesia’s e-commerce sites. Kredivo credit scores and approves consumers in real-time using its proprietary credit decisioning platform.
The company’s platform is live on nearly all of the top ten merchants, including Tokopedia, Shopee, Bukalapak and Lazada, and more than 200 overall.