Kredivo, an Indonesia-based buy now, pay later service, said on Monday that it received a second USD 100 million debt facility from US-based private credit firm Victory Park Capital, which will be disbursed to its users in Indonesia. It received the same amount from the investor in November last year.
The total USD 200 million debt facility is the biggest Kredivo has received to date. It is also Victory Park Capital’s biggest debt facility for a fintech company outside Europe and the US.
According to Umang Rustagi, chief executive of Kredivo Indonesia, the new funds will increase the company’s scale and help it reach its target of having 10 million users in the country in the years to come.
Last month, Kredivo parent FinAccel bought a 24% stake in publicly listed Bank Bisnis Indonesia. It spent around USD 38 million to acquire 726 million shares of the bank.
In 2019, FinAccel raised USD 90 million from Square Peg Capital and the Asia Growth Fund at a valuation of almost USD 500 million.