FinAccel, the parent company of Indonesia’s digital credit platform Kredivo, has acquired a 24 percent stake in Bank Bisnis Internasional, as reported by a stock exchange disclosure. According to media reports, FinAccel spent Rp551.31 billion to become the owner of these stakes in Bank Bisnis Internasional. The company bought it from existing shareholders PT Sun Land Investasi and Sundjono Suriadi.
Before the present transaction was made, Sun Land Investasi owned a 37.54 percent stake and Suriadi owned a 31.22 percent stake in the small lender. Since then, their shares have come down to 19.76 percent and 25 percent respectively. On the other hand, PT Sun Antarnusa Investment and the public still have 14.94 percent and 16.30 percent stakes respectively.
Other media reports state that at the end of 2020, Bisnis bank’s core capital had reached 1 trillion. According to rules, Indonesia’s banks have to increase their core capital to Rp 3 trillion by 2022, according to the regulation issued by the country’s Financial Services Authority (OJK).
Founded in 2016, Kredivo provides Indonesian customers with instant credit financing, which includes buy now pay later option, e-commerce and online purchases, and personal loans. It is in direct competition with Sequoia-backed digital credit lender Akulaku and other online marketplaces and payment startups such as Tokopedia, Traveloka, and OVO, all of which have their own buy now pay later options.
FinAccel is backed by prominent investors such as Mirae Asset-Naver Asia Growth Fund, Square Peg Capital, Singtel Innov8, and Indonesian telco Telkomsel. After its latest funding, the company’s valuation reached almost $500 million. It is also the latest tech company to have bought shares in smaller Indonesian financial institutions, which they later on, plan to turn into digital banks.