6 of top 10 Indonesian e-commerce merchants now live with Kredivo Checkout, processing millions of dollars of credit transactions per month
Jakarta, 4 October 2017 -- FinAccel, the parent company of Kredivo, today announced that Kredivo continues to experience unparalleled growth, adding several more top e-commerce merchants to its customer base. Kredivo now processes millions of dollars of e-commerce transaction value per month across more than 100 e-commerce merchants, including 6 of the top 10 e-commerce platforms: Bukalapak, Lazada, Jd.id, Bhinneka, Blibli and Shopee.
In less than 1.5 years since launch, Kredivo has built the fastest, simplest e-commerce checkout in Indonesia and established itself as a category leader for Point of Sale (PoS) credit financing. With a unique value proposition that combines the twin benefits of near instant approval for a credit line and the simplicity of a 2-click checkout, Kredivo has become one of the fastest growing checkout methods for e-commerce merchants. Consumer behavior shows it; consumers are using Kredivo to transact at a frequency of 15-20 per year, compared to an average of 4-5 per year for other payment methods.
“Indonesian e-commerce merchants suffer from some of the highest cart abandonment rates in Asia. Traditional payment methods are ill suited for e-commerce, they typically involve multiple steps and windows in the checkout. At the same time, poor credit card penetration in the country adds a dampener to e-commerce growth. Kredivo’s product solves for both problems, giving consumers the best checkout experience of any available checkout method and the convenience of a reusable credit line at transparent, below-market rates,” said Akshay Garg, co-founder and CEO of FinAccel.
Bukalapak.com, one of the largest e-commerce marketplaces in Indonesia, is extremely pleased with the Kredivo checkout. “The Kredivo transaction process is simple and sticky. When we see our customer base that is transacting with Kredivo, nearly 80% have transacted with Kredivo at least 2 times and 60% have transacted at least 4 times in the past 8 months. This is higher than any other payment method that we use,” said Willix Halim, COO of Bukalapak.com.
Bhinneka.com, the leading retailer of electronics in Indonesia, has seen a large increase in Average Order Value (AoV) using the Kredivo checkout. “With Kredivo, we have finally made a credit card like product available to our users who want to make high-value purchases on installments. AoV on Kredivo is very similar to that of credit cards, we couldn’t be happier with the results,” said Vensia Tjhin, Chief Omni-channel Officer of Bhinneka.com.
As Kredivo continues to gain strong traction in the market, investors have taken notice. Earlier this year, FinAccel raised a Series A investment round co-lead by NSI Ventures and Jungle Ventures and renewed its partnership with BFI Finance, a leading Indonesian multi-finance company. The company raised a seed round lead by Jungle Ventures, GMO Venture Partners and others in 2016.
FinAccel is a financial technology company that leverages deep data analytics across users’ digital footprint to automate credit risk scoring and access to credit in Southeast Asia, the 7th largest economy in the world and home to nearly 10% of the world’s population. FinAccel’s flagship product, Kredivo Buy now, Pay later, enables e-commerce buyers to apply and qualify for instant credit and pay back over time. Merchants using Kredivo benefit from providing Point of Sale financing using a 2-click checkout to all eligible buyers. To know more about Kredivo and FinAccel, visit www.kredivo.com and www.finaccel.co.