The bad times don't last forever. While Singapore-based fintech FinAccel had to kiss their $2.5B US SPAC deal goodbye, they're back and better with a new funding round!

• Founded in 2015, the firm runs Indonesia's largest BNPL, Kredivo.
• It's not you, it's the market. The deal was scrapped because of "unfavorable market conditions and process delays."

They've just raised a $140M Series D led by Mirae Asset. This brings them into SEA's unicorn club with a $1.66B valuation.

• This is over 3x their valuation in 2019, their last funding round.

Investor check. Endeavor Catalyst, Square Peg, GMO Global Payment Fund, Jungle Ventures, Openspace Ventures and Cathay Innovation joined in.

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🫢 If you don't already know

Kredivo has about 4M+ approved customers and partnerships with over 1,000 merchants.

Access BNPL online through their app, offline through their partners or their Kredivo BNPL card (it's like a credit card!).

• They can offer loans of up to 30M IDR (around $1,900) in just 2 minutes.
• Pay after 30 days or 3, 6 or 12 months with 0 downpayment.

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😎 What their future looks like

While Kredivo's mainly for your usual online and offline shopping and personal loans, here's what the future looks like:

• You'll be going to Kredivo for motorcycle loans, car loans, credit cards and more!

How? Since they acquired 75% of Indonesia's Bank Bisnis (that they're turning into a digital bank), they'll be beefing up their offerings — especially with services only a bank can provide.

• They're also looking to expand across SEA.
  

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🙌🏼 Zooming out

Yes, the $1.66B valuation doesn't match the initial $2.5B valuation they would have had if they had gone through with their SPAC deal.

But given current market conditions, it's still one of the few major deals happening! Plus, valuations have generally been lower than 2021 (especially for later-stage deals).