FinAccel Turns Unicorn with $140M in Series D Money

FinAccel, the parent company of Indonesia-based buy now, pay later service Kredivo, has secured almost US$140 million as part of its series D funding round, according to data from VentureCap Insights.

The investors participating in the round include Mirae Asset, Square Peg, GMO Global Payment Fund, Jungle Ventures, Openspace Ventures, Cathay Innovation, and Endeavor Catalyst.

The deal puts FinAccel’s valuation at more than US$1.6 billion, pushing it to the unicorn club. Its share price has almost tripled compared to its previous funding round in 2019, according to VentureCap Insights.

Tech in Asia has reached out to FinAccel for comments on the matter.

Founded in 2016, FinAccel operates a BNPL service that allows customers to do online and offline transactions and pay for their orders in installments.

In August last year, the company announced its plans to go public in the US through a merger with VPC Impact Acquisition Holdings II, a special purpose acquisition company owned by Victory Park Capital. However, it dropped the plan earlier this year due to unfavorable public market conditions and process delays outside the control of both companies.

FinAccel has also acquired a local bank called Bank Bisnis Internasional, which it intends to turn into a digital bank.

Source: Tech in Asia