FinAccel, Parent of Kredivo, Acquires the Majority Ownership of Bank Bisnis, Planning an Entry into Digital Banking


PT FinAccel Teknologi Indonesia, a directly controlled subsidiary of FinAccel Pte Ltd, the parent company of Kredivo, has announced today the acquisition of a majority stake in PT Bank Bisnis Internasional, Tbk. (Bank Bisnis), an IDX listed entity (ticker BBSI). This acquisition represents a very significant step in FinAccel’s expansion strategy of serving customers with a wide variety of financial services, from digital credit and BNPL (buy now pay later) today to digital banking and larger-ticket loans in the future.

At the end of the acquisition process, slated for completion at the end of this week, PT FinAccel Teknologi Indonesia will own 75% of Bank Bisnis, with the Suriadi family, the previous majority owners, still retaining a significant minority stake. All regulatory approvals for this acquisition have been obtained, including from Indonesia’s Financial Services Authority (OJK).

Akshay Garg, Group CEO & Co-founder of FinAccel, said, “While Kredivo has been at the forefront of consumer credit digitization via our BNPL business over the last several years, the digitization of Indonesian banking services is only getting started. In line with our mission to serve customers with products that are fast, affordable and widely accessible, we look forward to serving customers with world-class banking products in the future. We are also very grateful to the Suriadi family for their support and cooperation during this year-long acquisition process.”

Purnawan Suriadi, Lead Shareholder Representative for the Suriadis added, “Bank Bisnis has a long and proud heritage. As the banking sector rapidly digitizes, we are very excited to bring in FinAccel Teknologi as the new majority shareholder of the bank, and look forward to working with them in their vision of building the leading digital bank franchise in Indonesia.”


Bank DBS Indonesia and Kredivo Increase Joint Financing Limit to US$70m


Bank DBS Indonesia (DBS Indonesia) and Kredivo are pleased to announce a joint financing of up to US$70 million to be channeled to customers of Kredivo, the leading digital credit platform for retail borrowers in Indonesia. This collaboration is a part of a commitment from DBS Indonesia to create innovative and inclusive financial products that help a wider range of customers achieve their financial needs. For Kredivo, this collaboration will help further the company’s commitment to expand credit access to tens of millions of users in the next few years both through its market leading buy now pay later (BNPL) and personal loan products.

Rudy Tandjung, Consumer Banking Director, Bank DBS Indonesia said, “Since the joint financing collaboration between Kredivo and DBS Indonesia took place in September 2020, we have always been committed to always providing the best and innovative services to meet the growing needs of customers, especially in distribution of financing credit to the community. With this limit expansion of the cooperation scheme from US$35m to US$70m, we hope that we able to reach a wider community and increase financial inclusion.”

Umang Rustagi, CEO, Kredivo Indonesia said, “The shared vision between Kredivo and DBS Indonesia to provide easy, fast, affordable financial services is a strong foundation for this collaboration. This joint financing facility will accelerate growth, expand the services and the credit access to millions of new customers throughout Indonesia. In addition, this collaboration is proof of trust in fintech and a form of real synergy between fintech and banking.”