Digital credit card Kredivo secures fresh funding from Telkomsel, MDI Ventures

Jakarta-based fintech startup FinAccel, the creator of digital credit card Kredivo, has raised an undisclosed amount of investment from MDI Ventures and Telkomsel Mitra Inovasi, the venture arm of Indonesian wireless network provider Telkomsel.

Photo credit: Telkomsel

Kredivo helps consumers break large payments into monthly installments to help make purchases more affordable. It uses data science for credit scoring, as well as traditional methods like reviewing credit history and income to evaluate creditworthiness.

Kredivo supports payment transactions for regional ecommerce players such as Tokopedia, Bukalapak, and Shopee. Recently, it partnered with digital point-of-sale provider Moka to let its users pay for offline purchases using Kredivo cards in stores equipped with Moka’s POS devices.

In July 2018, the startup raised US$30 million in a series B round led by Australia’s Square Peg Capital.