US-based venture debt firm Partners for Growth V (PFG) and Kredivo closes $20 million credit line. Kredivo is an Indonesia-based fintech firm.
With a credit line, the firm will fund loans for the startup’s borrowers in Indonesia. Specifically, the firm will use it to fund all the product lines that we have launched to date: e-commerce financing, personal loans, and offline purchases.
Other than that, the deal will further the firm growth. Currently, its transaction value is at 40%, while its loans book growing is at 35%.
Kredivo is a digital credit card and point-of-sale system. It is a product of FinAccel. Kredivo provides an instant credit financing for ecommerce, offline purchases, and personal loans for the customers.
Indonesia Growing Payment Platform
Bank penetration in Indonesia currently is under a quarter, based on a report from Ayden. There are only 15% of the country population having been issued debit and credit cards. Consequently, this lack of lending from banks has led the growth of digital lending in Indonesia.
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Other than Kredivo, numbers of Indonesia digital payment also raising.
Local ecommerce giant Bukalapak recently has made partnership agreement with several local peer-to-peer (P2P) startups. They are Amartha, Modalku, and PohonDana. With the partnership, it plans to provide loan facilities for vendors in its Mitra Bukalapak program.
Besides, Indonesian digital wallet Ovo has also partnered with P2P lending startup Taralite. The digital wallet aims to extend loans and credits to shoppers and merchants in its ecosystem.
Other than that, late last year, Gojek formed a strategic partnership with several local P2P lenders. They are Findaya, Dana Cita, and Aktivaku in a bid to strengthen its position in financial services. Moreover, it also teamed up with Allianz and Bank Negara Indonesia to offer insurance and microloans to its driver-partners and small businesses using its network.