Parent Company of Kredivo Will Go Public in US

TheIndonesia.id - FinAccel, the parent company of Kredivo and KrediFazz, will go for an initial public offering (IPO) on the United States stock exchange. FinAccel's Vice President of Marketing and Communications, Indina Andamari, said the company's plan to conduct an IPO on the US stock exchange was carried out through the Special Purpose Acquisition Company (SPAC) scheme with Victory Park Capital.

"FinAccel is preparing to conduct an IPO on the US stock exchange through the SPAC scheme with the leading global investment firm, Victory Park Capital," Indina said in a virtual press conference, Wednesday, 24 November 2021.

Since debuting in 2016, FinAccel has continued to experience rapid growth through its subsidiary, Kredivo. Now, the application already has more than 4 million users or reaches 50 percent of the credit card user base in Indonesia.

"This makes it the leader of the Buy Now Pay Later (BNPL) industry with a wallet share of at least 50 percent in the majority of e-commerce merchants in Indonesia," added Indina.

FinAccel through Kredivo has also officially expanded to Vietnam. Later, they will target other countries in Southeast Asia.

Not only Kredivo, FinAccel also inaugurated a new product called KrediFazz. This is presented to expand the digital financial ecosystem to more Indonesians.

Kredivo is licensed for multi-finance and focuses on financing in e-commerce. KrediFazz focuses on peer-to-peer lending. With both arms, FinAccel wants to provide convenience and comfort for its users in processing loans.

"FinAccel continues to expand access to credit for the underbanked community, with significant growth in both the number of loan disbursements and the number of users," said Indina.

KrediFazz offers the same advantages as Kredivo, namely low interest, online processing with fast approval, and security guarantees on par with banks.

Furthermore, the growth of FinAccel is in line with the growth of the digital economy in Indonesia. Based on the 2021 e-Conomy SEA report compiled by Google, Temasek, and Bain & Company, the value of Indonesia's digital economy will reach 146 billion US dollars by 2025.

Indina admitted that this growth made the company focus on three strategies. First, increasing strategic collaboration and innovation to deliver superior digital financial products while still applying low-interest rates.

"Second, expanding use cases to maintain relevance in meeting various community needs. Third, expanding reach in similar regional markets with minimal access to credit, armed with the capabilities of our industry-leading risk model," she explained.