Jul 5, 2023

05 July, 2023 Indonesian fintech platform Kredivo’s subsidiaries have raised a loan from state-owned lender PT Bank Mandiri. In an unrelated development, Indonesian insurtech firm Futuready has officially shut down. Kredivo arms raise loans PT Kredivo Finance Indonesia and peer-to-peer (P2P) lending firm KrediFazz, both subsidiaries of Indonesian fintech platform Kredivo, have raised a loan facility amounting to a combined 1 trillion rupiah ($66.57 million) from state-owned lender Bank Mandiri. “Kredivo is the first consumer fintech partner of Bank Mandiri. The collaboration will help to diversify our loans and serve underbanked people by providing access to digital lending,” said Aquarius Rudianto, director of network and retail banking, Bank Mandiri in a statement. As of March 2023, Bank Mandiri disbursed 2.52 trillion rupiah of loans to fintech companies which can reach over 186,000 borrowers all over Indonesia. In March 2023, parent of Kredivo, Kredivo Holdings , formerly known as FinAccel, raised about $270 million in its Series D funding round anchored by Mizuho Bank, a subsidiary of Japan’s Mizuho Financial Group . Founded in 2016, the company now has more than six million customers. It primarily provides a buy now, pay later (BNPL) service, where it pays stores on behalf of customers at the time of purchase. It also offers personal loans, credit cards, and banking services through Krom. Futuready shuts down Indonesian insurtech firm Futuready has officially shut down its operations, shows a memo on its web page. The reasons for terminating operations were not disclosed. Founded by Sandy Filemon, Futuready started off in 2016 to help customers search for insurance products from various providers. The startup also provides intermediary services to manage insurance accounts and handle insurance claims. Futuready’s raised funding in June 2016 from Aegon Group, a financial services player based in the Netherlands.