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Kredivo Gets US$100 Million Debt Facility from Victory Park

Kredivo bags an additional debt facility from Victory Park Capital, Chicago.

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Kredivo bags an additional debt facility from Victory Park Capital worth US$100 million.

Jakarta, TechnoBusiness ID (English Edition) • Kredivo, a digital credit platform based in Jakarta, on Tuesday (22/6) again obtained an additional debt facility of US$100 million from Victory Park Capital Advisors, LLC.

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The debt facility is additional funding from the investment company from Chicago, United States, which in July 2020 had also disbursed US$100 million to Kredivo.

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Thus, within one year, Kredivo has obtained a debt facility from Victory Park Capital worth a total of US$200 million.

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According to Umang Rustagi, CEO of Kredivo Indonesia, the funds will be used to meet credit requests from 10 million Kredivo users in the next few years.

“The funds available through this collaboration will be able to accelerate our business scale in 2021 and in the following years,” he explained.

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To note, the debt facility from Victory Park Capital for Kredivo is not an ordinary transaction. Because, for Kredivo, the debt facility is the largest to date.

Meanwhile for Victory Park Capital, the debt facility is also the largest ever disbursed to a fintech company outside the United States and Europe.

“We are very impressed with the resilience and growth of Kredivo’s business,” said Gordon Watson, partner at Victory Park Capital, in a company statement.

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According to him, Kredivo represents a unique combination of growth, business scale, risk management and financial inclusion in one of the most attractive emerging markets in the world.

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Kredivo, founded by Akshay Garg, operates under FinAccel Private Limited, a Singapore-based fintech company.

Since its founding, Kredivo has received several funding and debt financing, including from Mirae Asset, Naver, Square Peg Capital, MDI Ventures, and Jungle Ventures.

—Purjono Agus Suhendro, TechnoBusiness ID • Photo: Kredivo

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