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Credit app Kredivo bags one of Southeast Asia's top fundings

Indonesia-focused startup will use part of $90m to expand into Philippines

FinAccel started operations in 2016, and aims to serve the "underbanked" in Indonesia through its digital credit service Kredivo. (Photo courtesy of FinAccel)

JAKARTA -- The fintech startup that operates the digital credit card service Kredivo in Indonesia has secured $90 million in new capital, in one of the largest fundraising rounds in Southeast Asia this year.

The size of the investment is an indication of how competitive the virtual credit card market has become in Indonesia, a nation where financial technology has the potential to reach millions of people outside the traditional banking system.

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