Singapore based instant credit startup raised an undisclosed amount to build out its credit scoring and digital lending businesses. The round was led by Jungle Ventures, with participation from GMO Venture Partners, AlphaJWC, 500 Startups (via its 500 Durians and 500 Tuktuks funds)
FinAccel essentially acts as a layer between its credit card and lending company partners and consumers buying online. It has developed Kredivo that enables instant Point of Sale (PoS) financing with a unique 2-click purchase option “Buy now, Pay later”. The service entitles e-commerce buyers in Southeast Asia to get instant access to short-term financing for their purchases. Initially launched in Indonesia, Kredivo is currently integrated with nearly 20 merchants such as Sepulsa.com and Jualo.com and is processing hundreds of transactions per day.