Kredivo Closes up to US$20m Credit Line with Partners for Growth to Fuel Indonesian Expansion

JAKARTA,Indonesia,Sept. 4,2019 --Jakarta-headquartered Kredivo,the leading digital credit platform for retail borrowers across Indonesia,and Partners for Growth V,L.P. (PFG),a leading venture debt firm in the U.S. and Australia,announced today the closing of a debt line of up to US$20m to fund loans for Kredivo's borrowers in Indonesia. The deal marks a major milestone for both firms: for Kredivo,it is the largest deal in its history with an offshore (international) lender; for PFG,this represents one of their largest deals in Asia Pacific (APAC) and their first in Indonesia.

The closing of this deal will further propel the tremendous momentum that Kredivo has enjoyed in the past 18 months,where its transaction value and loan book have been growing at 40% and 35% per quarter,respectively. In addition,Kredivo will use the funds to diversify its loan book,currently predominantly domestically originated. The partnership between the two firms is structured in the form of a credit line where Kredivo will be able to access up to US$20m of debt,on-demand.

Commenting on the closure,Umang Rustagi,Commissioner of Kredivo,said,"We are delighted to work with a fund of PFG's caliber. While the credit line is going to give us fuel to accelerate our growth,what is especially satisfying to us is that we came out on the winning side of a very deep evaluation conducted by the PFG team. The credit line from PFG will be used to fund all the product lines that we have launched to date: ecommerce financing,personal loans and offline."

Jason Georgatos,Partner at PFG,"We are very excited to be partnering with Kredivo. We have invested in a unique company that matches our values of fair and sustainable financial inclusion. Kredivo is one of the lowest cost lenders in the market and has one of the best risk metrics that we have come across,yet it is also one of the fastest growing. We are very pleased to anchor our first investment in this region with a team and business of this caliber."

Indonesia is one of the most credit-starved countries in Asia,with less than 3% of its population in possession of a credit card and less than 5% having access to unsecured credit from banks. The gap has led to the growth of the digital lending industry,which is filling the gap opened up by the lack of lending from banks from other traditional financial institutions. While the industry is primarily fueled by peer-to-peer lending models,the deal between Kredivo and PFG represents a significant departure from the norm,and a sign of the growing institutional credibility of the sector.

About Kredivo

Kredivo is the leading digital credit card in Indonesia that gives customers instant credit financing for ecommerce and offline purchases,and personal loans,based on real-time decisioning. Kredivo users can buy now and pay later with one of the lowest interest rates amongst digital lenders in the country. Kredivo's merchant partners benefit from instant point-of-sale financing,powered by its unique 2-click checkout. Kredivo's technology platform is powered exclusively by FinAccel,a Singapore headquartered financial technology company backed by leading investors such as Square Peg Capital,MDI Ventures,Jungle Ventures and Openspace Ventures,among others. Kredivo is supervised by OJK in Indonesia. To know more about FinAccel and Kredivo,visitwww.finaccel.co andwww.kredivo.com.

About Partners for Growth

Partners for Growth ("PFG") is a global specialty lending firm focused on providing innovative debt capital solutions for emerging growth companies. Founded in 2004 by the former owners and managers of San Francisco investment bank Hambrecht & Quist's venture lending business,working together the team has partnered with over 200 venture and non-venture backed companies across the technology,life sciences and healthcare sectors.The firm maintains a close strategic partnership with Silicon Valley Bank,the largest commercial bank focused on the innovation economy globally.

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