Financial technology (fintech) start-up Kredivo, which offers online credit card services, aims to expand its business overseas, eying neighboring country the Philippines as a start.
“We are expanding to the Philippines in this coming quarter and maybe the next plan is to expand our business to Thailand and Vietnam,” Akshay Garg, CEO and cofounder of FinAccel, the parent company of Kredivo, said on Tuesday.
The company has seen its business growing rapidly, receiving around 5,000 credit applications per day and targeting to receive double the applications in the next quarter. From that figure, one third of credit applications have been approved.
“Our [credit] approval ratio is 1:3, with one of three applications approved,” said Indina Andamari, Kredivo’s head of marketing and alliances.
With a nonperforming loans ratio of 3 percent, Kredivo aims to also expand business domestically.
“We are in discussions about a co-branded credit card with private banks. This is still in talks,” Garg said.
“We also plan to expand business in insurance and we will acquire a multi-finance company,” he added, refusing to give details because they were in “final talks”.
Garg also said the company would expand its business in offline financing. “Our users can simply use the QR code at merchants to purchase any items.”
Alie Tan, FinAccel CTO, explained that most customers had used Kredivo to purchase electronics and mobile phones.