Kredivo’s parent company FinAccel announces management reshuffle

FinAccel, the parent company of digital credit platform Kredivo, has announced a management reshuffle, effective January 1, 2021.

Photo credit: FinAccel

Umang Rustagi, currently deputy CEO of the group, will be taking over as CEO of Kredivo. Also joining Rustagi in the C-suite of Kredivo will be Valery Crottaz as chief operating officer and Paramananda Setyawan as chief data officer.

Alie Tan, currently group chief technology officer, will be taking over as CEO of KrediFazz, the group’s new peer-to-peer business unit.

Current Kredivo CEO Akshay Garg will be moving to a group CEO role, supervising Kredivo and KrediFazz. Rustagi and Tan will continue to hold concurrent responsibilities as deputy CEO and CTO of FinAccel group, respectively.

“These changes reflect a streamlining of the group structure to better serve the group’s vision of serving 10 million customers by 2025,” said the company in a statement.

Under the new structure, Kredivo and KrediFazz will have different focus areas, it said.

KrediFazz will target to expand its coverage of productive loans from 35% to a target of 50% over the next two years, especially to cater t0 “underserved and marginalized” segments of society.

Meanwhile, Kredivo closed a committed debt facility of up to US$100 million with Victory Park Capital Advisors last month.

FinAccel is backed by Mirae Asset, Jungle Ventures, Telkom Indonesia, MDI Ventures, and Singtel, among others.