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Executive Column: Kredivo 'happy' to stay private after $270m funding
Despite volatility in the external environment, tech start-ups with conservative financial management continued to find backers, says Kredivo CEO Umang Rustagi.
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Kredivo Indonesia CEO Umang Rustagi (Kredivo/-)
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em>Despite a slowdown in investment that has affected many start-ups in the country during the so-called tech winter, fintech firm Kredivo Holdings raised US$270 million in a series D funding round last month. An analyst called the deal "an oasis in the middle of a desert" for the local start-up community, especially after the Silicon Valley Bank case shook the global tech ecosystem.
Umang Rustagi, cofounder and CEO of Kredivo Indonesia, spoke to The Jakarta Post's Aditya Hadi about building the company and how he plans to use the new funds.
Question: Can you explain the business lines of Kredivo?
Answer: Previously known as FinAccel, Kredivo Holdings is the parent company of Kredivo, Krom and KrediFazz.
Kredivo is a digital credit platform in Indonesia and Vietnam that gives customers instant credit financing for e-commerce and offline purchases, based on real-time decisioning. Users can buy now and pay later across Indonesia's retail commerce network with one of the lowest interest rates among digital credit providers in the country.
KrediFazz is a personal loan platform in Indonesia, while Krom Bank Indonesia, formerly known as Bank Bisnis Internasional, is the group's banking entity and the operator of the soon-to-be-launched Indonesian neobank Krom.
How is the growth of Kredivo?
